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A-M Company - A-M Equities - Pacific Heritage - Owner Participants - 1986-03-24
i.� x i CITY OF HUNTINGTON 'BEACH COUNCIL ADMINISTRATO"A COMMUNICATION CA 86-42 WITINGNA WACH t_ � ToJ -G 'AU Honorable Wyer and From Charles W. Thompson, City Council Members City Administrator , �.' Sublert MAIN?JER PhASE li Date lvia), 30, 1986 G't(r+�i:..�.� �{+L.� , STATU. Rl~PORT c , GUty�c �1041 l as:,y lur act:un to approve A � our' meat�n of 14Sa 19 it u ✓� ale otiatlon:'A reemrnt:►cl�h 14yaIn-Pacific Property Owners uIn it ,,tune 2�;cnsion e� the j yl $ y , r � pp ove a two -weed ext g g pe ty. 1986.. Attached' „.to:thls mernorandu'm'.you ;vial find a status,re' rt letter from Daniel Salceda, on behalf of lj Main -Pacific Property''Owners. As Indicated, progress is continuing to be,, made as''the part of the'developer and p►opeit y cwners to develop a -project that is mutually viable. a he property owners The agreeiiient, as provided' for between t p p y and A-M Equities' as a part of •the Negotla ion*;. Agreement-, is scheduled to be concluded in draft farrn'on Monday, �� �' e�'' stgructionncosts halve�now.b en :erlfled,and'"=ran" ':' ' party owner beini 7une�.� -19196 enab' ii' worked cut. between the property made on the art rf ' ut�f �� �(of•thedeveiaoer to at►ern g efforts are being. • .r P � rat' to' as5crnblc a11 ►�ropertIes. j Q re -send b�•i� discussed' om a': preliminary basis between Vl The ma or•.economic' issue,,:xrP.p Y: !,g• P.: Y r;staff and'the de'vel6p6t to quantify thepioject's eoanomics. Baszd upon Mr. 5alced 's 1 Status; letter. staff wifUbe re i`ilmvsndin�k tc �i:;u Monday„evPning to grant an adcitlanai two -week extension with regahe to the Negotl_ti%:n Atreement ' 1• Additionally,!we wi Fbe prepared to review with you on Monday, as appropriate, the Pro'ec is ralihninary economics and to discuss with you: ad outl.ln� of , _y issues for D „pt ,: , , consideration as a'jpart of the pr�pdsed Memorandt�m`of Lnde`"r'standing. ' Respect'f. _ubm i tted, larles 1�/.` Thompson, City Administrator CWT/DLf�.lp attaehmerts letter from ,A-hl I:guities ' - -1 •Main•-PIer':Ph6c` i Status Report dated !Aay'19 1986 , .�`` , •'1'I. t 1 'rat �ti� •'✓• , tl '�,'' '- , IES , '1 May 34, 19,86 Mr.. Charles Thoiiipsbn Executive p.i.rec:tar HUNTINGTON =aEVW REDEVELOP:KENT AGENCY CITY. OF , HUNT1146"TON BEAC . 2000 > 04F'ln street �Iunt:iii'' C6n Beach, Caiiforn'I.a, 926`48 Deit, Mr. Thompson: ' �r A-M :E uiti es and the,MnStr r �t Qwne have been uite . q : r: ', _ P y �. q bus.y-,.,,these `past fivd weeira. Our recent developments include the following % = On June 19 ,8E, the attorney for the Main`Street , ProUerty Owners will have provided th.e first draft u_ our aarenihent. P .. J It. is, my, understanding. that all major issues have been ,1 addressed. hitects v►'�rked,,,d�.l�.tgentll to recar�Eiqure the, 4orner ' ofMainr, ::fie .Coast Highway in 'an acceptable r a c Street ai�c Pd' fa�fillb. 'to the existing"'Propc rty• owner.'' hstruct'ion costs, have been verif Qur 0led Two.viable alternatives are being ?'presented to Lane/Terry q which' arPrior re ell�ath consistent to her nests t; The.remaining''(non-participating") property ownc s'are all, beir{g contacted in'our continuing of fart to purchase the Properties by an'. amicable sale. 4' r'We will:,, , to keep ,:you updated its to the, progress of the Red�rvelopment pr jec:}t. Please call me if YOU have piny questions a ' cif '' 1pGi��� ,;, 1`• , .,. '`• _ ., ., • .; 1Dainie-1 . cedaii,�►; ,: ;.: :a. 1 , (2 REQUEST FOH REDEVELOPMENT AGENCY ACTION R H 86-39 Date May 9, 1986 Honorable Chairman and Redevelopment Agency 'hlembers / Submitted to: ., �j I �.•t 1't S. L., arles W. Mompwn, city Administrator/Chief Executive Officer to Submitted ty: Douglas N. LaBelle, Deputy City Administrator/Redevelop Prepared by: �,,,.•�'' . MAAIN-PIER PHASE 11 •' STATUS REPORT AND RECOEND. .�$aabj"zk: R iIARDING EXTENSION OF NEGOTIATIOWAGREENiE r Co.1si>itent with Cqunc�!�Folicy? ' �Q yaa ( I New Policy or Exceptio Sfatem'ent`ct Issue, R3Commendatinn, Analysis, Funding Source, Alternative Actions, Attachmants: STATEMENT OF ISSUE: At the Agency•s.meethig at.%Ia;G.i ,24,.1986, it.vpv your action to approvea 1N4otiation �-r'¢reement,with the Main-Pacifrc l�rope'rty Owners'for a slx-acre�sife bounded'hy `', � P3cIYIc Coast Highway, ai mut.:4vsnue,,;Main.and'6thSticee�-'The:-*Asreernent;F1rovides that by :�1ay 19, 1986, the Agency 'and developer shali; enter into a Memorandum of, �.r,Nerstandin �describin the business terms around whicij a t)ispositioii and 8 8 � DrvelopmWent ; �grAement will be negotiated with respect to the development. REC.0 4.ti1END' A Th3N: Based upon the attached request from -,Dan Salceda'oi A-M Equities, staff :recommends tha I42t rt._m a 6wo-week extnnsion'to Tut e 2 198E ha granted pursuant. to -Section 1.B Section 2,of he Ogreement(Excerpt'EromAgreementattached): 5incevour: a ;oval of the they gr tion` A reem'ent the :tlain�-t'acific tiro � err Owners have. - PP completed a number of major tasks as provided`ior,,mder the Negotiation Agreement. ` In staffs enaly 'rs,`based upon the' -developers and property owners' significant e'fioi=zs to date,`,,a two -,week extension. is clearly appropriate and will allow for the completion o;, ;. the L�Iemorandum of Understanding. ` FUNDING SOLlRCE: 1 �Notie' regdlred as a result of this action. (:ALTERNATIVES: 1. %fodrf y tie' requetea time extension. ' Qo not approve the. requested extensicin. 'ATTA^HM•�NTSi ,r Letter 'from Daniel -A. Salceda of P�-1ti1 cqui e ` Excarpt from vegatiailon''Agreement with Main -Pacific Property wners'as�d Redevelopment Agency. t , �� `; .. CWT/DLl5dp 2452h ;► s R E Cr fw I 1/ E L� , J'1 ' :14, I986 ;, !. MAY 1`5 I I•ir ,' "Char lei. W. Thompson ; Fsecutive director HUN' TINGTON;:BEACH, REDEVELOPMENT AGENCY 'CITY OF HEI MrNGTON ,.AEACN {= 2000 Main 'Street ( Huntington 3each; California 942648 +' 0 fta.c Mr . Thompson': ote;LNgoi'tiiAgreement etwen'A-M nProprty Owners and ; treQ'RPdeveopment _Agency of the C�.y of Huntington `each; ' we the cjw'Li o e`r equeat a -two week extension of that deadline `3tated i in se'ctioii T. H. (Section 102) Item 2 of the afczreivintioned Ne zltiation Areement on, May 5, 1986, the Redevelo�Tart `Agency ,r`educeu the 'reside' atiall= intensity.' of the. -pro ject tr units., Enclosed is , an updated financial ' feaslbility,ana'lriis reflecting'.ihat change. - , ;� 4MW F3S1, messenger, all plane, and .tape new ;proforma were subM' itited to Mr'. ' 0£tk yBotti of.' �Ceyser Mnrsl-oil and Associate's . ' I 'em Pleased- to announce;- :that on I all major ' develcipmer�t -and scheduling , . . Pro ert Ow issues thsAt -A-M :and the Main Stieet p' y,, ners have ' rea red 'an;,jirii'clablo„ rR3olution, and`:in the near term'.'',(17 days) an '`agreement 4 shall be foktheoming and tendered to the agency. . Sincerely, �rediaent DAS i pow ' {l 1 e , I (2) If the Agency approves the Development Concept, then, on or before May 19, 1986, the Agency and,' ' Develope1.shall enter into a memorandum of understanding describing the business tiarms ("HOU") around which a �.. Disposition and Development bgreoment (DDA) would be negotiated ` with respect to the development (the "Deaviclopment"). During ) this .periodi-,Daveloper shall prapare rand submit an architectural concept of the profosed Development.'.: If a MOM � 'hies not been entered into on or before May 19, 1986, this � !/ Agreement shall be automatically terminated unless extended by mutual agv*sment of the Agancy and Developer, When the MOU is signed, it shall supersede this Hayotiation''Agreement, excert , for the provisions of Section 103 haroof. (3) in 'the event that an MOU !a approved by the parties t''on or before May 19, 1086 this Agreement' sha! 1 tera+inat,e and the MOU shall continue regarding the time from �I virhin which to negotiate and execute a Disposition and Development"Agreement. C. (Section 103) Deposit. Developer herat4th aubmi to to the. Agency as a deposit,.;c4e caih._sum of 'twenty five. thousand `dollars ($25, 000) in the lform of , a`j.ashier's or certified ,check payable to. the .� Agency_ ( the . "Deposit"). `1The Aqu.icy,. shall have no obligation to earn interest on the Deposit. Any interest earned; and ' remaining upon expiration orte•rmihition of this Agreement r shal' be allocated to the party entitled to stash remaieing portion" -of the Deposit.,, The Agency.,sha11 be 'entitled to'' expend any ' portion oft the'`Daposit (and, any interest earned,''thireon) for �., the'puzppitea df,jmplemerting this�Agreement'.jinclud:ng, without limitation, 'payAantof costa incurred by thoe 'Agency for staf: time, Feasibility studies, and legal feats related:to the. •, ne.gotiaii,on and, preparation of a DD& (,the "Agency Costs")". The 'Agency shall have no obligation to.return or; refund to the veveloper any!part of the Deposit so expended. The Agency ` astlmmtes the following' cents associated, with this Agreements �• '' t �/ 4ega1, Fees $ 5,000.60 `14 ;S $toff $10, 000.00 13 Land Economist $10,000.00 i Oev�rl Th-O Go'000it in, additionally.•made to endure. that opera: wi l i , negotiate . in good`;iai th with thn'; Agency. .When t this,Agraeu►erit terminates or who,. the Agency,and Developer into a DDA, ther, the Agency ahall,,return' ille Deposit, less the Agency Costs,, unless: the Devsloper had not negotiated l the Deposit iiot warlisr expanded.* } in -good faith-, in'ahich event:. the Agency shall retain all of The Deposit is, additic.nslly,,msds to ensure that .. .Desveloper will negotiato:jn• good,fa t.h with the .Agency. If the A " Doveloper,.has ;not neg6tiitedl in Good faitii, 'the Agency,, shall `';retain 41V oC the, Deposit as liquidated damagees' for Developer' ■ briach''hersurider. � 9 3 a piireiets agree that, in th• event !,this tthseAggncy willrsuats►in daseagisp-includ1n4 by the ttondar.tlupo � '` di.'ng .those at n ;'le y they p4rtptoneteaent ?njoss of rtdsviloptient of the!: Site. The parEi'*e agree .that it would bee inepraeticai or e�ctremely . .AlfficuYt;'to:;fix. actual de.+;aages' in kuch event:, ,that they Deposit Is -A. reiasonabla axt mate of- the,.dawseges; that would: be sustained ;by tile' Agency; in such event, and,that the' Agency may' in such evnnC'return the Dipts'eit, as liquidated damageS. ve O`rr.'Yn tea a qe1 ncy in IETa 4 errs ,<. - ?lee /7a6new .•3: SEC IJE T FO REDEVELOPMENT Au ENCY A3 A I Y RM 86-39 Data MaY 9r 1986 Submitte t Honorable Chairman and Redevelopment Agency Members `ti o: Submitted by: Charles W. Thompson, City Adminls:rstor/Chef Executive Officer Douglas N. La Belle, Deputy City Administrator/Redevelopmen Prepared by: v 4� Subject: MAIN -PIER PHASE II -,STATUS REPORT- AND RECOM ION ti' t REGARDING EXTENSION OF NEGOTIATION AGR EEMC Consistent with Council Policy? yes New Policy or. Exception r -.= Statament of Issue, Recommendation, Analysis, Funding Source, A�Iterrf�two Ac ' , Aitachm6nts: 9�1 1011ATEMENT OF ISSLE: " the Agency's meeting of March 24, 1986, It was your action to ap . rove At t A1 pa Negotiation Agreement with;the!;%Aairn-Par.iflc,Property'nwners fora six -acre site bounded by Pacific Coast Hilghw•a:y,:Walnut Avenue, Main and` Witt Teets. The Agreement provId,;Is that b ' Ma•, 19 198 , tie A&nc and de elo er shall'enter Into a Memorandum of "� Understandfng de'scribing-thee: bu 1rsss ter6 ,around which a UIsposItIon acid Development Agt'fiemeiit wil; be negotiated with respect to the development. RECOMMENDA'1'IO+I� • I' Based iipar, the atta�hed.request from Dan Salceda of A-M Equities, ,staff recommends .,that-a'tw4-week extension to June', 1986, be granted, puesuant to Section 1.13 Section 11029-item ,29of,the Agreement (Excerpt from Agreement a�tached). SInce .your ;approvai'of the, Npgot-•Iation' Agreement, the Main -Pacific ,Property Owners have !�oinpleted a number of, major tasks as provided for under the Negotiation Agreement. Trr�stafi";;,vanalysis, based'if or?`the,developers�and,property owners' slgnUicant'effor•ts to date, a tvwo-week extension Is clearly appropriate and will allow for the completion of th' MMorandurn of Understanding. FUNDING SOURCE `` None required 'a., a _result of this action. j ALTERNATIVES:' 1. Modi.tythe requested time extension. " 2.; Do'not approve;'the' requested extension. =f; , AT-TACHMENTS.: •r�' r ,'ri. 'Letter from Daniel A.`5alceda of',A-tit"Equities. .:, 2; lrxceArpt from P�egot�iatton'Agreement with'�Main Pacific Property Owners and „ Redeveloprnent; Agency. CANT/DLB: '� r`'�• � 2432h' LJ .112 • n RECEIVED May 14r 1986 Mr. Charles W. Thompson Executive,Director 11UNTINGTON.. BEACH•REDiVELOPMENT 'AGENCY CTjTY OF HUNTINGTON BEACH 290'0Hain Stieet, Huntington Beach, California 92648 Dear Mr.,-Thompso,4:,_.,, Puriivant to'the.Negotiation Agreement between A-M/M'ain Street"Pr,?perty Owners, and the Redevjldpment. Ag&n'cy of the City of Hliniingtbn Beach $, we.,the'developer request a two week e,Ktehsi,on'lof,th'at.;deadl:Lne stated ifi section I . , W. (Section 102) Item 2 of the aforeffianitione'd Ne(,Totia ti,ors 'Agreement. ii On.May 5`19060 the, Redevelop�iient Agency reduced' 'the .csidentidl- int,ehsity of the•project to 24 G u"'n' IL t s -Enclosed is a"n updated finand a.. feasibility'analysis ieflectfh4 that '"Change By,m,essengerr a I .'L pl, a n" W; s and the nPprof orma were submitted to Mr. 'Dick Bot t-; &E, Keyser Marston and Associates. I am-.pleased,.'to anhounda',that,on' all , major Aeveldpmeint and scheduling issues,that A7M aind'the' Mkin Street Property Own;--rs have reached an amicable resoltition.'and in�' the near term (7 days) an agreementshall be fiorthcomifig aii'd tendered to ! -the agency. Sincerely,, 'e-1 A. Salceda, Vr:t) i i d e ni t" "'e I)AS: gw 0C, NO .4000,Pampus Drim'Sulte 250,, Newport Beach,Ca11fornia92,A00(714) ;;0-1-7033 to . , ,AGREEMENT EXCERPT (2) If the Agency approves the Development ;, 3 Concipt,` then, on or before May 19, 2986, the Ag'ancy and Developer shall enter into a memorandum of understanding describing the business .terms ("MOU") around which a Disposition and Development Agreement (DDA) would be negotiated Frith respoct to the development, ( the "Development") . During this period, Developer shall prepare and submit an architectural conampt of the proposed,Development. If a MOU r has not bean entered into on or before May 190.1986, this Agreeplaut shall be automatically terminated unless e9tended by mutual'+ agreement of the Agency and Developer. Whon the MOU is ! signi0l, it shall supersede this Negotiation,Agreement, except for the provisions of,Section 103 hereof. 1 (3) In the event that an MOU is approved by the parties, 'on or before May 19, 1986 this Agreement shall terminate and „the ;MOU shall continue regarding the time from within which to negotiate and execute a Disposition and Development Agreement. .:; C. (Section 103) Deposit, Developer h rowi th' 'submits to the Agency as a, de' posit the c:anh sum -of twenty five thousand dollbrs ($,25,000) ; Agency . fthe oIJeaosthei TherAgenc.ufghd 'check payable to the :. q " y ( " p ") all have no obligation to earn interest on the Deposit. Any interest earned and remaining upon expiration or termination of this F.greement shall'be allocated to the party entitled to such remaining portion- of the Deposit. The ,'Agency sa l ]. be entitled to, ,expend any { � portion -.,of the Deporsi,t�'F and any intrreat earned •-thereon) for- ;the,,purp'oaes of impletnenting this ; Agreement, including, without l�imitstion�-, payment..of- costs •incurred by �the;rgge icy lfor staff time,, feasibility studies'; and legal fees "re'l'ateci to the negotiation- and re arstion of a DDA the 11Aq.!en;; Costs" The 1+, Agency shall. have no obligation to, return or 't'refund 'to th6" Developer any part of the De►.posit so expended. The Agency estimates thejollowing costa associated with thi's Agreement: Legml Fees 5, 000.00 Staff $10,000.00 Land Eccnori st, • $10, 000. 00 . The Derosi.t is, additionally,'made to ensure that :'Developer will negotiator in good faith With t) a Ages.::; When ens:erA$ntomant termini:: =`.fir when the Agency and Devaloper a, DDA', then they h4ency, , shall return the Deposit, e er has not negotiate'd ` .1Pes. the Agency �oato, unless the Develop in good,fgith, in which event the Agency shall retain all of the, Deposit not _ eailiert expended. TheDe:is additicnally,�made to ensure that . r r�avoloper 'wild. negotia'te'°in good fAi.t}i ,wig the Agericy, If the Dsvelojie'r;. has .'not, r1sgotiated in good : fai`th, the Agerc:y shall rsisin ill of; Cho Deposit an ,liquidated damages for Developer's brsacIi hereunder: agree thet°t ini the;:event j`thi s c,�enient Vb termijrated`.'iiased u o •aS�auZt b �wi11 Ruatain: dams a a,., theit4& 'Oncy,;, g •• C. t! rig thcw� attendant upon . the poatorietnent:' stir, lase cit'redevi:�lopment: of •i"lYe Site'. `'The. i,, , parties `�(�rrea that �it 'would be .�lraictiaal,,orex � 'zA-ly ': . " •;!.. difficult :to' Lei x, ectuel datndgea irk: such event',' that 'the Deposit ib a reasoniaeetlrnate'of the d'Imaige`ec that would >�e austni iedr tveriherAgency, in` ,such • event, and j that the Agency may .-n such e�ku,:n the Dep Seit as liqui3 ;!ated damages. IV , V. t] t 1, IFOY WIF Agency n Ma Bare JJ . -3w 4.7LAlj,_ (�. ''ir rHi!,, , ,il it ;�j�• •fr' �� I , v1 '4,,.. .. .r•, . , V 11 , r _ Page 10 - Cotmcil �' ; tee - 5/5/85 The City Clerk announces that all legaI,requiredeats for publication 'and postiag had been met, and that she had not received any coamuni- c'tiona or written protests to the matter. ` The Public Works ntrectur, IrIforme.! Coiincil that the.. public 'nearing on thta setter Was being ;r'eld as resluired by Chanter 721 of the Harbors and Narigati-an, i:ade 'o: the State of California. lit furthe :!" Informed Cdunct 1 ths,t , th e.-:-hearing* had -' been noticed in two gen4ra;. , peiodiclA treot'to the boating public. +� Mayor Mandic declared th,*hertring open. ` i There 'beisig no one ..present to sp_�ak on the matter and there being no protests" fixed, ''`either, oral �or written, the hearing wan cloaPd by' the Mayor. , ,'�70M ME,ET1MG'0P THE . CITY COUNCIL-ARD REDEV-SLOPMENT AGENCY Mayor'Mandic announced that a joint meeting of the City Council and the Redevelop4ent, Agency" had been called. RE1 PZWPMM AGENCY -BO L CALL . nt:,Kell M$cAli.ister ; Finley, Maggie, Bailey s 4-xeen Abeeatn. ,.Thomas PUKI C COXIMS REIN► XMG .1 TO CVtVP.EDEVEMPKW 11 `nM3 There wa_s no one prerant why.' wished to address te !Agency/Council..,. 1 MUN;awl f - The'Clerk i pries entzd!. the miniitae..of the ' s'jurned regular meetine of April, 21, 1.986 ; and this regular meeting �"of 'April ;21, 1986, for the AgP.ncya 'conaide'ration. :+ Ou motion- by ,Xelly, second iiacAllister; , the Agency aPProved ;end. 1 the. m:iautes • o adopted ' f thee, adjourned regular rseetiair' of,,April „•' 1986 and the ,reg'uiax' "meet ing .,of APri`1 21, 19E6, as writigin arid,.- on file in the 'Clerk s' Office. Mot ' l oa carried by the following Vote: ' ,AYES: Kelly, MacAllister, Finley, MandiaGreen Wone W ABSTAIN: Bailey, ' , y ' ABSENT: Thomas: ,. 1 =t M;IIi=Plr,6E''pHABEill 31SVxLA�'! CONCEPT 'RE�YBW I�ifD BECGlgiBlT,tl>bt ;�1 The _Deputy C t Admin etrator/aedevelo sent presented q commu�-' Pu.Y.. y• P p �. , - epart+ieeat ;dated � �rega rding�r E:ae nicatlon grog "bi• d t'"May �i, 198' f t• Mai`A-Pier Phase II - Develop en't Concept.'Revlew'and Recommeadatiou.•" 1f i 1. ,i , • , .�. , Page 11 - Couacil. h "iltes - 5/5/86 The Deputy City Adatai.strator/Redevelopment premiented a report re- garding his recommendation, that staff be authorized to negotiate the aignificaut. economic parameters of memorandum of understanding for r; 'return to Council. ';..� On motion by MacAllister, second Bailey, Council approved, the staff recommendation that the developer revlvii-the. Daye.lopment CG•ncept to reduce the -project densl,ty ' (to approrisat r1Yr 240 density units) and subelt,plans and a proforma'to reflect said change and that prior to May 19* 1986a the ''developer be required to submit a duly !.aecuted written Agra ewnt.`auong the owner .participants and `ri-!? Coo�panY, set tli.g forth ;:,the , rights and ob., lgmtions of each =• parity and ' furtlier, that staff be authorized to nigotiate the econouic parameters of a Ni;aors of Understanding in; -accordance with a modified Scope of Develo nt as recommended by astaff;� with the Mein-Yac.lfic Prop4rty •'Ownera for Council consideratio'ri on May 19, 1986. The motion carried unanimously. TOWN MARr. -mmx Px$R REDEnUPHEiT, PRO32 ART °A :diit�on was made" by MarAliieter, iaeconded "by Kelly, to direct &taff to, work 4ith.- the Developer ors a Disposition and Developmei# ,Uree- nent to reflect the following: R'n' dAi de'velopeant tb construct west side of Main Street first'. Chan concept an the easel side of Me Street to residential and constructed` -as 1hase Il. +:) r 3. Com ercial uses may,' be limited to portions of the Orange, Avenue frontage. 4;,` 't Developer will tie rea9ponsibl'e for construction of the entire project : Phase I &III 5:: Exttind the ,.Sxcluasive Negotiating Agieeanent for or, a. maximum of 60 da ya. �. The aotion cart.. led by the fol_Luwing vote: AYES: Kelly,Mscdltister, Fia].eyy Aailey, Grr_en KUBS: `None' iAtt A: Ma iodic ;�lBS3�F'r: Tiiamas C8al1R: Cog ,.., ' (LxBN Rr►x , '„ p11QJY=A Cri ,swoon Eby, MacAllister; secouded Finley'' th+e' AgeAcy 'directed ataft 3 r tt�+.ro*k. ri,th �iha duel oper. o� Corasolidat�ing, ih• entire ' so Pct.'ste title a� consis tent'6 co.pletibla ��awelopirsit us r�& owner particiMSian `► a re' possible`. The actioa g a carried by .`the follprrin vote: , t ,, �, '!!rES: Melly, MacAllister, Finley, i andfc Basile Cretin` �,' ., J REQUEST FOB C:)I EDEVELOP ` fV1ENT A-,ENCY ACTION ,j RH 86-32 Data May 30..J 36 ` Submitted to: Honorable Chairman and Redeyelopment Agency Members " Submittod by: Charles W. Thomhsoi, City Administrator/Chief Executive O ce ICY G vI1Ctj.A Prepared by: Douglas N. La Belles Deputy CIty Administrator/kedev lennt. r Subject: Mk-PIER`PHASE II - DEVELOPMENT CONCEPT RE RECOIVIF;Ie;LOATIUNcITY Consistent with Council Policy? Yes [ ] New Policy or Exceptio" Statement of Issue, Ro'com;mer.6tion, Analysis, Funding Source, Alternative Actions, Attachments: �f! $TATFMENT OF ISSUBt s a 24 . ie'i 1 'Agency! M r ch rue' -fin tang, it wEIS Yo aPPro ego �-, At the Ur action to' ve a NJ tiation A reement Oith , g � ' the MairwPaciflc Property:'Owners lor" a six -acre site; bounded by,PCH, • W,alriu't, Main, a id -.Si xth Streets. The Agreement, a copy of which., a ttY:ched,.pt'oirides that within thirty (3O)days �f your action, tnat` the developer submit a Development Concept for :4gency review and approval. i RECOMMENDATION: Staff recommenris th t the'dev`eloPer revise;the-Dcve!onment� Concept to reduce the ro'ect denslt ' �(� „ , ,i this change ands �to•spproxlmit'ely 240 du) "and'submit`p1an5 and a prof orrna, ,o.,reflect •; 1, hax;pritor to i41ay 19,' 19$6 the develaper be required'to submit a duly B executed written ASreemcrt among the owner participants and A.M., setting forth the rights and obligations of each'party. It is f�incer, rezonisiriPnded ;that staff be authorized to negotiate' the economic ' � v rlo to eti�cf Memo ki6adm of nded b Us staff with Mani ccordance with a rn��i3iii�ti�',Scope of ,. P , Y t In 'Pacific Property Ow�'erslsor your canslderatlarz on May 19, 1996. ANAhYSYS; P,cllowing'�he co�npletlon of`the Request for Proposal prace9s,A'ik .was the' Agency's xctlon.� f select the, Main=Pacific Property' Owners to iiegotlate and, tom lets a.Sc.o a of I evelo ,lent and, Memorandum of Understai.din ,1'he timeframz '•-) for th :. o P.. F� Y. • u,r 'd b the A regiment Is �o ,contain. The Development Concr!pt, • , .. at �tgotiation Agreement will conclude; an May i 9 , f 1 •' t A. A detailed statement of `land use/unit mnlx and prellminary' site plans and elevations, and tenants from whom signed letters of Intcrest and/or participation have been obtained; B. Estimate of development costs and oftrating revenue, and equity requirement; C. Key assumptions as to eoonomic f e'asibllity, such ;as development tlming, and any cornth:tments expected from the Agency; D. A detailed analysis of rehabilitation as contrasted io new coristructlon; E: the propos ' t s edscheduling of the proposed development; P. 1'he proposed source and'nethcd of'flnancing, .�. Detslied blographlca� ai4background description of ,the'develuper (and suc:h all principa is in; the proposed devoloprii. ni entlty), .Includl �� ma,tters'as (4,prior record' with respect to'.he: com' `letion o ` � of projects, , . . , , art cu;arl xhose of a sctale c o'mn ��arabl& tioi :that: ro oseal herein• and p Y . r?.: P , , ,, , . (b) record of tlrnely pedormance,ref!ectlrg mlgatI66,and/or dlsputes concerning.t.he"praymnent,of joint venturers contras orsi suppliers, or authorities; It is ��nde�rstoutl that the Agency may sake rc rtaxing 'app p date steps' ;id-verlfy such matters, and the developer agrees to cooperate In furnlshIhg such Information to the Agency; . i4. and audited flnancla�',state' meets for '" , Identlty guarantors (the developer ackno,wledgps thii'personal guarantees, or such other •assurances;as the"AgencyTray !; egUI 'e,; shall be required with respect to obligations r" af'the'develcper,ln the�event the developer does business'In a corps tc 'or partncrshlp Iorm); , asserr�bly specif' ing the ainaunt of 'devil oper's funds ds1. roPosafae : t , t Agencalfe ,�a y +; unsnanobvsitiandtio an advance -of t ce of #da funds by the developer to assemble the site (in:.•ludiig acqulsItlan of . Interests in property and any relocatian�assistance) will be required; : end t 3. A',duly executed ,writ•ten Agreement among the owner participants and A;M., setting forth -the rights and 'obligatlons of each party. tt The Maln 'Pac f Ic ProPert�y, owners subm ttai is attached.' f i . wnw fc� 1 Za FUNDING SOURCE: 4� 1. None required as a result of this action. ALTERNATIVES: 1. 'Do not approve the Development Con :ept as recommended to hn moalf)ell and � direct staff. to work with thr,developer to modify the project further and extend the timeframe for completing the Development Concept. ATTACHMENTS: rw 1. Development Concept. 2. Negotiation Agreement with the Maim -Pacific Property Owners and the Huntington Beach Redevelopment Agenc/. C\VT/DLB:!D 0505H i 1 J 1 1 a ri I 1. • n1 1 A I Y y _ , ' r y T a• I r• , ' r y r .Y r • 1 ' 1` 1 1 I • • M � • • - r r . • ••..�. .. •r .L.. .. .. �, � L......L•�..�r-�...�.�W......j�...�......-.Jr.��yL....�....•r/�..a...aJr.�•..r�Y�.r.n-.n....Avj.�..r.rY.YM...._..__._. �....__.��IH.�—..�_r e.�1--�._�J . yv.f•v __r.. u- __.a.•�r 1����v�....•.. �. �_r}�� 4T r... _ 0rA NEGOTIATION AGREEMENT. , is Ht3NTINGTON BEACIi REDEVELOPMENT AGENCY ( "Agency") and A-M Company, a California Limited Partnership ("A.M.") and Pacific Heritage, a California Corporation, Dorothy L. Terry, Ann Maze, Gary V. Mulligan, Stephen Fithian, Eldon W. Bagstad, Anna L. Baxter, Ah.mad Hatred Abdelmuti, Eleanor J. Draper, Carlos Costa and Richard Schwartz("Owner Participants") (collectivoly a ter into this Agreement on the terms and provisions set forth below. R E C I T A L S: I. T;ie Agency is in the process of implementing the Main Pier Redevelopment plan for Main Pier Phase 11. 2. The Agency has solicited prol..e.)sals for a certain portion of the 14ain Pier Redevelopment Prc.ject Area (the "Project Area") located at the north east corner_ of Pacific Coast Highway and Main Street, which portion is the "Site", as hereafter described. 3. Based p'artl.y. aeon its proposal as submitted ( the "proposal", which is Otttached hereto as At'(acbment No. 1 and incorporated herein), (the "Developer") has'been designated as the party with which the Agency will negctiate ccncerning the redevelopment of the Site. 4. The parties hereto acknowledge that the economic feasibility of p-:oposed'development has not'yet been determined to the satisfaction of either party and, in particular, the question of rehabilitating the retail shops on Main Street or demolishing and reconstructing same. THE AGENCY AND THE DEVELOPER HEREBY AGnEE. AS FOLLOWS: 1. (Section 100) Negotiation. A. (Section 101) Gocd Faith Negotiations. The Agency and the Developer agree for th-B period set forts, below to negotiate in good faith to prepare an OPA or disposition and development agreement to be entered into be-ween the Agency and the Developer concerning the "Site", which`•is that certain property in the Project Area in the City. of Huntington Beach, shown generally on the map ,attaclied hereto as; Attachr'.',:nt No. 2, which is incorporated herein. The Agency ? :agrees (for the period set forth below acid provided that this Agre-ameAt remains in effect-) not to'enter into a disposition and development agreement with any other person or entity regarding the Site without the consent,:of Developer. The foregoing 'shall not be deemed to prevent,,the Agency from furnishing to anyone public records,.pertiining to the Main Pier. The Developer further acknowledges that,its rights hereunder are subject to the,Agen,''s,rules for owner pacrticipation.` The obligation to negotiate in good.fa th requires3 that Developer communicate with .Agency with respect to t. rth0sa issues -for which, Agreemant has not been rPa�:hed, and;in' ouch:;,cammutiicati�on follow reasonable negotiation proced� t-es irc meetin s .tolephone'conver$ati in s 'and f.nclud 9 p_ � correspondence. I,t,Js; ,understood lby ` ti a; -,pat tied" that final accord o' those issues ' may not ,be reached. detailed,narrat.ive description of the general scope of .1dauelopment proposed (the "Devetlopment Concept"). The Development concept shall include! (a) a detailed statement of la-:d use/unit'", mix and prelimtnary site plans and elevations, and tenants from whom sinned letters of interest and/,ar 1' participation have 1), obtained. (b) estima'_e of development costs and operating revenue, and equity requirement, (c) key assumptions as to econo;.Uc, feasibility, such as development timing, and any comird tments expected from the Agency. (d) a detailed analysis of cehabilitation as contrasted to new construction. I. (e) the proposed scheduling of the proposed development. (f) the proposed source and method of financing. (g) detailed htographical and background description of the Developer ( and all principals in she proposed development entity); including such matters as (i) prior record with respect to the completion of projects, particularly those of a scale comparable to that proposed herein; and (ii) record of j timely performance reflecting minimal litigation and/or disputes concerning the payment,of joint venturers, contractors, suppliers, or taxing; authorities. It is understood that the Agen1�y may, take appropriate steps to.verify such matters,�and the, Developeragrees to coope:.,,te in furnishing such information to the Agency; (h) identity and audited financial statements for guarantors (the Developer acknowledges that personal guarantees (or such other assurances as the Agency may require) shall be required with, 'rempect to obligations of the Developer in the event the Developer does business in a corporate or pa,:tnersliip forsn) . (i) proposal for site assembly specifying the amount of Developer's funds available for acquisition. The Developer acknowledges that Agency funds may not be available. for acquisition. ,and that, art advance. of funds by 'the Developer to assemble the Site (inc'luding acquisition of interests in,property and any relocation assistance) will be required. a duly executed written agreement among, the Owner Participants and the A.M. setting forth the rights and obligations of each party, The Agency !shall review the Develop;nent Concept -and inasy eai then "• approve 'i t, request mods, f ic�eti Jens or re j ect i t . Develoment Concept. :.is rejected, tka Agency shallp providee: listi of dRficincits 'to' the Developer, and f ::these wit corrected to the satisfact Agfieymnci:hin 2d dale of such r� oct_on, this""Agreamenthe' d® a ` enc '' y e j j,. hs►11 aut4ipsticall'y to M1 &to unless it is extended key -the .'mutual agree:nent of the .Agency and 'Developer.. The Development' Concept shall' be �co ` ei' ii *tent with the ,,Proposal (Attachment No., 1') . i. 7346p/7460/P9 -2'- • I 1; , (2) If, the Atj'ency approves the Development Concept, then, on or before May 19, 1986, the Agency and Developer shall enter into a memorandum of understanding describing the business terms ("MOU") ground which a Disposition and Development Agreement (DDA) would be negotiated with respect to the development (the "Development"). During tEs period, Developer shall prepare and submit an architectural concept of t:ho pr.oposesd Development. If a MOU has not beer. entered into on or be: Fore May 19, 1986, this Agreement shall be automatically terminated unless extenciad by mutual agreement of the Agency and Developer, When Lhr_ MOU is signed, it shall supersede this Negotiation Agreement, except for the provisions of Section 103 hereof. (3) In the event that an MOU is approved by the parties on or before May 19, 198CN thj..s Agreement shall terminate and the MOU shall continue regarding the time from. within which to negotiate and execute a Disposition find Development F,greemert , C., (Sectic.n 103) Deposit. Developer `,..'-with submits to the Agency as a deposit the cash 3u-''of i4t-.aty five thousand dollars ($25,000) in the form of a cashier's or certified check payable to the Agency (the "Deposit"). The Agency shall have no obligation to e3rn.interest on the Deposit. Any interest earned and remaining upon expiration or termination of this Agreement sshall•be allocated to the party entitled to such remaining portion of the Deposit. The Agency shall be entitled to expend any portion of the Deposit (and any interest earned thereon) for the purposes of implementing this Agreement, Ancluding, without limitation, payment of costs incurred by the lt4ency for s .-aff time,.; feasibility studies, and legal fees related to the negotiation and preparation of a DDA (the "Agency Costs"). The Ager_cy shall have.no obligation to return or refund to the Developer any part of the Deposit so expended. The Agency estimates the following costs associated with, this Agreement: I:egal Flees $ 5,000.00 Staff $10, 000. 00 Land Economist $10, 000. 00 The Deposit is additionally matte .to ensure that Developer will negotiate in good faith with the Agency. When this Agreement terminatee„or when the .Agency and. Developer enter into a DDA, then the Agency shall return the Deposit, less the Agency Costs, unless the Developer has not negotiated in good faith, in which event the Agency shall retain all of the Deposit not earlier expended. The Deposit is additionally made to ensure that. Developer will negotiate in good faith with the _Agency. If the Developer has not negotiated in good faith, the Agency shall retain all of the Deposit as liquidated damages for Developer's breach hereunder. The parties agrp..;: that in the event this Agreement is terminated based upon default by the Developer,' the Agency will sustain damages, including those attendant upon the postponement or loss of redevelopment oi` the Site. The parties, agree that. it 'would be impractical or extremely :difficult, to,''fix actual damages in such event,.:that the Deposit a, reasonable estimate of. the;, dame es that wo•�ld bee ettatained y the Agency, insuch evert, and that the ,. Agency may i n 'such - event return' the ' Deposit as liquidated, damages. j• 1 1 s DeveloperIniti e H re Agency". Initial, Here . za 734bp/7460/09 «3- In the event the foregoing liquidated damage provision is deemed unenforceable, the Agency shall be entitled to such damagon as may be shown to be available at ,law. II. (Section 200) Rental, Purchase Price and/or Other Consideration The rental, purchase price and/or other consideration to be paid by the Developer under the DDA will be established between the parties during negotiations. Such rental, purchase prices and/or other conaiderati.on will be based upon such factor,n as mr,llcet conditions, density of development, costs of development, risks of Developer, estimated or actual Developer profit, estimated or actual sales prices a;-id/or rentals, public purpose, and/or fair value for the uses perinitteu to be developed. III. (section 300 ) MI scellaneous . A. (Section 3ui) Developer's Findings, Determinations, Studies and Reports From time to tima as requested by the Agency, ' Developer agrees to make weekly oral progress reports and monthly written reports to the Executive Director of the Agency advising the Agency on All matters and all studies being made. If the negotiations do not result in a DDA, Developer will submit to the Agency Developer's findings and determinations regarding the proposed development, and copies of all studies and reports made by Developer specifically for this proposed Development to the extent not containing confidential information;,provided, however, that all such findings, determinations, studies and reports, will be furnished without warranty of any kind, and Agency agrees to hold Developer harmless with respect to any use by Agency of such information. A. (Section 3021 State Environmental Quality Act. The Agency may. require the Developer to supply data and information both to determine the impact of the develcpment on the environment and to assist in the preparatior. of .any necessary environmental impact reports or, s,ipplements to the environmental impact reports. C. (Section 303) Termination. In addition to its right to terminate this Agreement forthwith in the event the Developer fails to take any action required pursuant to Section 102.of this Agreement by the time,specified therein, the Agency shall, at it© option terminate this Agreement in the event it determines that the Developer is failing to proceed in good faith to discharge its obligations under this Agreement; provided that prior to terminating this Agreement on grounds that the Developer is not proceeding in good faith, the Agency shall provide notice to the Developer of its intention to terminate, and shall provide the Developer with a reasonable time (of not less than ten.(10) days and'not more than twenty (20) days) to cure such.failure. Upon expiration of such cure period, the Agency may terminate this Agreement. ThatMeveloper may terminate this Agreement.by givi'ng'.ten (10) days' written notice to, the Agency; in.such event, the` unexpesnded po i n he Deposit shall be retained i'f ,the; Ageingy reasonably determines that the Developer has not This Agreement shall automatically terminate on May 190 1986, unless sooner terminated. E. ( Section 305) Annignment; . This Agreement shall not be assigned by the Developer without prior written' approval of the Agency, which the Agency shall grant or refuse at its sole discretion. IV. (Sect -ion 400) special Provisions. A. ( Sect eon 401) Redevelopment Project Financing, Tho financing of the Redevelopment Project is being and will be accomplished primarily by means of property tax increment by developments which produce an increase in property tax assessed valuations. In addition, with the mutual agreement of t:he Agency and the Developer, other methods of Agency financing may be uned and shall be set forth in any DDA. Both Agency and Developer recognize that the terms of the Agreament, including the relative financial and other contributions of the parties, have not yet been determined. B. (Section 402) Agency Ass;atance and Cooperation. The - P.ge;ncy -shall cooperate frilly in providing Developer with appr'ol� iate information and assistance) provided that the Agency skull not be obligated to incur costs therefor. C. (Section 403) Agency Public Hearing Any DDA entered into hereunder shall be subject to the requirement that any proposed disposition and sale of land shall not be authorized until it has been c;cnsidered and approved by the Agency and City Council after public hearing as required by law.. D. (Section 404) Real Estate Commissions. The Agency ahall not he liable for any real estate commission or,brokerage fees which may arise therefrom. The AgLncy rapreoento that it has engaged no broker, Rgent or finder in connection with this' transaction, and the Developer agrees to hold the Agency harmless from any claim by any ri:oker, agent or finder retained by the Developer. E. (Section 405) Press Releases. Lhe Developer agrees to discuss any press releases with a designated Agency representative prior to disclosure in order to assure accuracy and, consistency of the information. F. (Section 406) Nondiscrimination. With respect to Developer's obligations and performance hereunder, the Developer shall not discriminate in any matter on the basis of race, Breed, color, religion, gender, marital atatus, national origin `or ancestry. G. (Section 407) Notice. All notices given,,nV.,required to.be given hereunder shall bs in writing and addressed to the parties ae sit out below, or. to such other add�"ess as inay be,.noticed under and pursuant to this paragraph. And► such notice shall be CanRidered served when actually received by the.party intended, 73460/7460/09,, f whether pe•soually served or sent postage prepaid by re�jistered or certified mail, return receipt requested. Agency: Exec.%,&tive Director City of Lantington Beath Redevelopment Agency 2000 Main Street livntington Beach, CA 9126648 Developer: A-M Company, A California Limited Partnership 125 East Victoria Street Santa Barbara, CA 93101 H. (Section 408) Other Agreements This Agreement supersedes any previous agreement entered into between the Developer and the Agency with respect to the Site. I. (Section 409) Warranty of Signator. The signatories to this Agreement represent and warrant that they have the authority to execute this Agreement on behalf of the principles they purport to represent. ; 2� , 1986 -:.D VELOPER A-M COMPANY, ,A California LimiteWddPP rye Yip Date > L By,--�' Vice President I, � I 1 1� I' APPROVED AS I ITIATED AND APPROVED TO CONTENT 7? e Agency Speciac-,IP5unseI DepiCy City Administrator/Redevelopment REVIEWED A:iD APPROVED APPROVED: AS TO )'11ORM : �r1 City Attorney j City Administrator/Ex Agency Attorney f rector • I Date Date Date Date Date Date Date,_ Date ;rr Date Date 0 OWNER PAR`1' C C I PANTS Dorothy L. Terry Ann Mane Gary V. Mulliganr Stephen Fi':hian i:ldon W, Bagstad Anna L. Baxter Ahmad Hamed Abdel.muti Eleanor J . Drap �•,% c/Carlos C so ja chat d Schwartz PACIFIC HERITAGE, A California Cornoration By: By: Its HUNTINGTON BEACH 41 REDEVELOPMENT .AGENCY 1i s Date Date Dare Date i Date Date tl I Date i9 a, C Date Data OWNER PARTICIPANTS Dorothy L. Terry Ann Maz4N Cary V. Mulligan Stephen Fithian Eleanor J. Draper Car w PACIFIC HERITAGE, A California Corporati By: Its Date Date Date Date Date Date D h t'e Date Date Date OWNER PARTICIPANTS Dorothy L . Ter.,: y Alin Mase Gary V. Mull;►dan Stephen Fi tl O. an Eldon'W. Baystad � Anna L. Baxter Ahmad Hamed Abdelmuti Eleanor J..,'Draper Carlos. sta------ - Ri c yard Schwartz PACIFIC HERITAGE, A California Corporation By: Its By: Its HUNTINGTON BEACH .,REDEVELOPMENT AGENCY Chairman Attests do '^ Date Date Da " s DAite Dare Date: Date: t I II Date Date Date OWNER PARTICIPANTS Dorothy L . `Gerry r I hn.n Maria V. 1 . e n Stephen Fithian Eldon W. Bagstad Anna L. Banter Y Ahmad Hamed A.bdelmuti Eleanor J. Drape). - PACIFIC HERITAGE, A California Corporat' By: its HUNTINGTON BEACH REDEVELOPMENT AGENCY Date ` Date Date DarP_�, r' Data Date OWINER PARTICIPANTS Dorothy L. Terry Ann Mase Gary 11. Mulliga'a Stephen Fithian Eldon W. Bagstad Anna L. Baxter i n Hame elmuti leanox� ,.7 Draper Carlos Cos RCZ:ara Schwartz PACX IC HERITAGE, A California Corporati�i Ze Its By: Its HUNTINGTON BEACH REDEVELOPMENT AGENCY _e Date l � Data Date Date dite Date Date Date Date OWNER PARTICIPANTS do Doroth L. Terry Ann Mase Gary V. Mulligan Stephen Fithian Eldon W . Sagstad Anna L. Baxter Ahmad Hamed Abdelmuti Eleanor J . Draper Carlos Cos J Rir PACI'LIC HERTThGE, A California Corporation By: HUNTINGTON BEACH REDEVELOPMENT AGENCY OWNER PARTICIPANTS Darts Dox•othy L. Terry '�'� - Ante � '� , •� ,.,;� ., � , � .. •� , ,, Ann Maae Datu Gary V. Mulligan Date Stepben Fithian Date Eldon W. Bagatad Data Anna L. Baxter Data Ahmad Hamed Abdelmuti Date h Eleanor J. Draper Date Carlos to Date ti. r rl ' son& two OtlITIES r • i March 17, 1986 01 REDEVELOPMEHT AGENCY CITY fly' RUNTiNGTON BEACH 2000 Main Street Hunting; ton 'Beach, CA 92648 RE: main --Pacific Property Owners Proposal Dear Redevelopment Agency Members: :'hank you for allowing us the opportunity to present and explain our development concept to you and the public. We appreciated your questions and concerns. our request is simply that we�,be given the opportunity to establish an ac.:ceptabie plan in cooperation with one another and the Redevelopment Agency. After viewing all the'•, proposa is , we fee 1 even more confident that our plan and approach is the most appropriate and equitable For the site and situation. She own the prccerty, we have an experienced development team, and we are committed and cempo l led to work together toward a common goal. We would like to highlight our proposal as follows: 1. A, uniteo 'eff.jrt amongat property owners to present an economically:. -viable develp-pment plan. 2. ''Uniquely, the Agency can virtually satisfy the letter AIND spirit of Redevelopment. -Law by choosing local property owners to`plan.and improve their properties. 3. No -other proposal can commence as quickly, and now that interost rates are dropping, we can take advantage or chic -short window in the marketplace. _ .. ti. . ..�R~ w'w•� .. . •. •• • ' .. '• ' •• wow.. wrtAA ' w�. �1T'��� �.Y�..•1•IfS.: ydI•� :.•K .. h,: (N•v.!•.+1 /ri i r� ��"',' _.'•^'•" � ""+• . .4 -.y J .Y '► • •'y'• ^:.�• . • .r-�1. t +F.1•�•• lI US Rn„r,.y►-•,�.' i / Page 2 d 1 40 We are, amenable and responsive to the City and co=unity desires. ?or example, our cooperative plan reflects the architectural stvle called for -in the Downtown Specific Plan and our development will be coordinated with the design and , treatment of the adjacent projects. In addition, we have reduced the intensity of the proposed xasidential component significantly in response to Agency.comments and concerns. and will explore other modificatinns and alternatives through the negotiating period to assure that 6e entire project bacomes a source of great civic pride.! 5. A-M Equities is a highly experienced and financially sound development company. In 1985, A-M developed over $55,o6ot090 of lu�_ury apartments. Our partnerships include such established companies as Weyerhaeuser, Citibank, Mitsubishi, Guardian Savings and Loan, Bank of America, and First Interstate Sank. Any of which will provide ready referencas. Our development experience in local jurisdictions include Santa Ana, Ventura, Garden Grove, Laguna Beach, County of Orange, Simi Valley, Anaheim, Orange, Brea, Lake Elsinore, Irvine, Santa Fe Springs, Downey and Covina. Specific people in any of these municipalities can be contacted. 6. Because of the reduced overall acauisiti.on cost which results from the Main Street Property Owner participation, our project can support a higher per foot land value for the balance of the site., This fact greatly enhances our ability to acquire the necessary remaining parcels at a fair negotiar price rather than compel condemnation which is both lengthy and costly, which is mandatory for the other preposa?s. 7. The plain Street Property Owners have agreed to formalize their organization and will appoint one representative to work through A-M Equities in order to assume proper_ coordinations and com.•nunications between all parties involved. A--M Equities will to the sole signator for implementing any agreement with the Agency to plan for and develop the site. A-M F.�uities will contract with the Main Street Property Owners to 'carry out that portion of the project. g. Architectural ante ;'ty and safeguards will be assurOd by recorded Covenants, Conditions ,and Restrictions with prior approval by the City'At'torney, and Planning Director. g. Prior to building permits being issued, the developer will provide 160% lion free completion bonds. db Page 3 Lastly, it is a rare' circumstance when a situation is presented that allows for a"win-winw solution. That clearly in the case with out proposal;f. 'Tile Agency will 'have concrete evidence of our 1001 Oillit, y,,-,.to perform; the existing property owners will bentfit, as theyroar ,should, by the new developments- and foa pure cost-beneflit analysis, our project is the least bu'rden to the Agency and satisfying the most elements of redevelopment goals. Thank you again ''for your consideration of our proposal. Sincerelvi Daniel A!. Salceda Je 2! M. Mderman 7 PreeLdent A nay at Law A-M EquiCies Ru,,-.Fa Tucker DAS PSW .4 job 2!AW It Ing VA i Ai I IMI#liNM y pt 11EA� Clk e[t ltua4liet ' `� r tlleloft w tt011wr?Iiii/ m m Pami ]R >fK in taut , ' .. • . ,.. iaiDM - ��.,ti �f,' !: i�+Ilae. 1 1.+ t.liri+q s+tlfl lswd Or" land C.tIs it-lshad Date of ta..tt+s Cwtnettaw+li=a deq 1 !i t T &M+ irds Mit. Aerw le+.silx R+sa !!{ it t 191 fi alas FI J Unit :'&It Cuts Aryyistilon first rear taro tease sot- t 1st TO bid 31 t 1 �" JL�,::1 .' i K,t104!!f ft tTt - i t3.lt all+{T3 {17E.9O CS1.91 � f!>s'!6 � i t* 1MitM t LesM N �t1 lr�li t s ' r...n.rw...nw....e........w..w...�w...K i OtAe! " *; • "our, I" I A. low� ! PIfItJEM 10 V CM FtDr : s _.._�� ' ' • • _ _ {eetarte'a1a1 l/ s 1 'tDt0. I�MLIK ! ,::.• �� I ,►a tM�its Ilrar EMT &Mtf sf 14e01h 1 PRM43 Ilent tncmus LO i -t Ior Iva 213 33 111627 113 11.9 tti,lti T Venom 1l0 MI II,tx 1% 11.21 OV12 4 Ese«r>a' ]0.Os i TM 143 14%0O1 IEN 11.24 6114'm 1 Csa Rala_ �_ : - ` 1 to ris :, 7e{ !a 3e, ao t iso •t. is s1.i„ 00o s •.•.•••�•.,-•-...sass. I taE3 • I , - Lww+slei �060 ! ao,eec 129i�O st.� t:2i,270 f tra—m UP Casts Yi!'itOM ! .: • • • I - _ t SO!; Cee OAK i • I start of tsasinf R :: W .: , other t ! a tero of teas so ! 1t.�the ! 1•terwt �7:1r2lt I 4 .�'',: I t l►n-lease M tfnrls t i Rate toned per Owith 27 U,its i TiiR t;7t+t71 I Irarap Rsn:151 Ft t t►f• w Tetal 111MI WI PM 247.675 1113 61.21 307,315 l�*�+=•�a�� : - ' �i .'.' � I h{. er 1s1a1 tioe�) �n,ee1 1 �tbo 1'=:t,23O iL33 tnr�5O S t rtlse+tt+:6 - t%sbhfvLilQ tat FI•d�CSts - t;QiTl��l td! t {f'�i� aeowraswses..vww....oastss.j 1 1 - - �'.;� i 1I:p41I11tT19e - Aoo:nt t37,00iw,09! A+�ent • 1 • •� PMFKtN test 1 Iere l{ Two C t Italeslaiiaa bbW a►t la.th I Dniel;tees LIK ashts l.Iel t •r. f soli t 1 lie Ft CeMsrnls lta. Cests Dillrsr++d tars 1 Interest flats i..ls*•rst Bale a.Mf! . • Mae e !'eels+ ! I*tsrest IncvN 0.Cf f.,orticatloe e ' • 1, lent I2), ill Milt is 137. oo sir 3ut?, OM 1 i I Forded srtr es f soled tlerli ! , I -�i1►L . s+lt�l� - �r,i�S alas: >��.� ttl,ilt,00v 2 fi 1 I 1 site Yssr IftiLS L7f N.31 ts,P00.D01 1 4 : iEidlilfHT iat ID IEaw" 2w Ti , '��.•• 1 C�l�es} i+eei)asliitrl is2.iT! It.It tll.ii t1,8T,b,fiCO ] Q I i `# Ilse 11irs6 s1.041 0-71 $1.21 t30O,00@ i S 1 Amo"t 37,e0O.006 Asoe,l ! t - +� -- - I Iwo :0 Iwo t 71,1' , # 3si total t32,t1N+000 1 paints LOS Pointt LOM . - '`: i?1+dtr+ct [else + i Inlernt late 1R23f 1Nen{t fate I f , Cwreltod FM . IIT! Ut uto ago 1 a I a.er:iaatla+ �I Itiarettatt.n • •'`• tt�alJlleswnll+y *]ii 0.1a sIC0,04O 1 s I c 1c.�-I� 10+.a i De+elow Orerhea/ It, le! #:: I�ttiHsctiEr�iseerlr� 't;4m Lts t'50,0I+O i a i ftst w"I iietrltt hrsils L lees M,3it LIS 11,ZU6,90O s ] �i'�: 1• We inw 1k /t ' !.!i tLtI0,p0O I i ! Dnow,t 00 toot of wiasn-e 7 I i tt.••• <<- I W�tlsl�seY-11,541 Ltn: IQS,DM ! t 7s►a a Anewt Tamilaw►ses tl,iii LQs NSo�cto0 t 1 I Interest We S.W late-est lists- �..� 1 :sterssl Itseseee tC,lt!1 1.71 tT3{,40t1 li 3 i '>sortlfsltoe ii Irwtltlttat t i t�s,•�:; # 1 FsrMtlt� *I. no Q.?f fe+rile sir2-ii 1 , #x.,�a t' Osilrw sltw {2.I�u i.3K {�ss,i+ao 1 lb l—•--- I - ' •• S 1 lst*rwl s13tiiC Lit th7i3,t1I I EUtIITY PAWKI 1tiiJa111Q1t I - i- - 104.t10f Self Total {I0ti4'em y i�ii._e•eine+':f rlrt- ? t : • I . , I CasA Flea �� ! It• ! �' lid ! � � ,''.: ;. i - - �� _ lid ; s • - ;1 h�l. LP Joe ■ !, ad , r y.• WAY -'��;''� , �' �� � La■a�■Ilsasata���mas�e�mocnrra� -- - •- -•-- - -- ---- —--------- ------ •a+�� 4p tI.I T 1�-��,2s'�•f lip ' i A i 1 � M 41 Mr. Charles W.. Thompson t,covv Executive Director HUNTINGTON BEACH REDEVELOPMENT AGENCY CITY OF HUNTINGTON. BEACH , 2060 Main Street Huntington Beach, California 92598 Dear Mr. Thompson: Pursuant to Paragraph 1, Section 1.02 of the Negotiation Agreement, the developer, A-M Equities, is to within 30 days required to take the following actionss A) Detailed Statement of Land Use Attached are the site plans, elevations, cross sections and model that depict a two block project encompassing 275 residential units and 100,000 square feet of commercial use. Presently the property owners have t19,000 square feet of commercial use and under the new development plan, their land use will increase to approximately 40,000'square feet, As of this date, no ternants have approached me. However, some have expressed a desire to•remain on the property upon completion of the new ;buildings. I a4iee that existing tenants be given the first opportunity to relocate back onto -the project. Thrit will be our objective. $)� At development costs, operating tacked are the dev P P 3 revenue and equity, requirements Xor the project. The parof orma is predicates] on 275 residential units and 55, 000 square feet of the balance of the commercia", use. C) All residential units w 11 have the requisite parking on site: Commercial,.uses will utilize off --site parking. The proforma assumes that the parking structure will be, privately Syndicated. It' is also assumed that the Agency will be'. responsible for all off -site improvements. 4606"Campui Drive, Sul. a' 2506 Newport BeiacA California 92060 (71 ) 5 - • y jr May 11 1986 Mr. Charles W. Thompson , Page Two D) Attached is a detaile'd-analysis comparing new construction costs ($42/square foot) versus rehabilitation ($33/square foot). The general contractor, Paramount Construction, has committed to those costs and further if demolition can commence on October 1, 1986, certificate of occupancy will occur on June 1, 1987. E) Attached. F) Several major financial institutions have made representations to us,of their desire to fund this project. Citibank, Great Western,_Sacings and Loan, Mitsubishi. Bank, Wells Fargo, First Interstate, and Security Pacific. Guardian Acceptance Corporation is providing all pre -del relopment funding and most recently the Langeridorf Trust has expressed a desire to be involved in an equity/lender capacity. It is my commitment that we will instruct our principal lenders that the existing property owners be Provided every courtesy to accommodate: their construction/permanent financing needs. It is my intention that the project will be developed so that all property owners will own their property in Fee Simple with shared ownership of the common areas. G)` Attached are our roost recent financial statements, developer experience and projects completed. H) Our audited financial statements were prepa.pd by Arthur Anderson for the 1985 tax year. It is our commitment that performance: bonds will be imposed on the project at the time building permits are sought so that the project will be 100% ccmpleted in a lien -free manner. I) Staff has been provided a confidential parce.l delineation of all properties purchased or in escrow by the developer.' As'of this date, the applicant developer controls (including City owned property) over. 75% of the two (2), block project. J) There was a several hour, long meeting oii April 30, 1986 at the City of Huntington Beach with all proper: ty . owners , developer and Staff in attendance. It is my impression ,that,the vast majority of the property owners desire to be participants in a new development. There are issued yet to be resolved. Further study is needed ,to resolve the site planning of the cornea ..Of. Main `Street. and Pacif is Coast Highway as it -related to,Mr. Abdemulti. Some of the ,- proerty owners are concerned regarding the ne,�e�. for a second story. I have made the commitment to enter into a loos term lease to debt service ttiat second floor.(plaxa level) development at no cost to the property own'r. Additional parking requirements, rnlocation/business interruption and tenant rights will'be addressed during the Memorandum or Understanding (MOF) negotiations. May 1, 1986 Mr. Charles W. Thompson Pag.--Three Regarding,the concept plan, it is my belief that the property owners .,have accepted.this plan"and that fine tuning of the site plan and lot, line ad3ustments will be our next task. Hopefully this addresses all the issues antl concernn of the Agency. in my estimation, much progress has taken place in the past 37 days. We remain very optimiutic that the next few weeks will culminate in it project that satisfies the objectives of the Buntington Beach Redeveiopmont Agency. Thank you for the cooperation and timely insights of you and your staff. Sincerely, lan�iel A. Salcfeda President DAS:pew enclosure/ a�� raw" . r• i ' � r .. 7 r r ti. J _ •- .� •� 4 � .� � -.Y ♦. 11,I 7 .. y �Y � . IA .. '� .. �� . � ;, N I �, �, _ �� �� � I s . ''� +.�. It r „ `1 •t j I s F. ,a Sir fn p p fill a{R� Ufa ,% 7i '.{ •', ,',r}�•41py �1 g ON /11 r. N 4• fIM •a M 41 P t r11•w ta � tr� 17 � 1 r, � '���. �.. � t � ��'������� .•� � li ��,.f {, try �t'�� ' ���� �r l{�+ aya 8 S 8 yes ) eAr 400 edri O oe'' •�OO Py,994•- 4 e4�y14` itl t tL�i JA O' 40O O Is g : r tr pd w to O 0 4 .N; • O'i f�, 4f0f� � i � • ! 'f t 4 ,. s•e•aPO r eOAO.O� �' !�' ,`91Y•.'� P0OV'00l - .a`eQ'. �,y! eeeJR +; ,►O u�i raL3 +iiF'�!�eo+�'�*4•�'.��f ��4I y'' ' (t y :r ,( PQQ q�;aR �' s� iL•� =. �S•r�o•���� '�'' �,�l��� ` •.} it F r 7, jo r' 0 00 04? ilf d� �O4y'4 • e �14.g �'O dl 1'+ ,. I • y� � li , . s a • r • j r of . • ' ' ' �,' ,' � O A,:S • :' +n 4p =e •':M f 1 �.. �f 1 In AA Pab y. ti ,,,...111 i 7S',' .1 •1•I. - 7•.. rt �+r ty�.1J 1 , tr' r ! Z r.Jx ir 1 I •_ _ ' 11i •• N •y M •� ,xQ ••qq�� Q• � � Ili � � Y 1 �• 1 as C.AT �,•P• ��� 'IL ' ta oft it �' •+'.• n � � $ 25 $ 25 �,� � ES � � iS � if � � �,� ., ! =• � i � r : M ^11 �. •:; ° ''1 1. M N• ` y 1 of , y �. '1• '. ``� •Y,,.�• ,�� mil / V/ V u r N r Lam a LA O &A1M 4- Y1 r �� .� '' ,(F� M 1• I ., �,.'��. L IT . 00 IA 2 it 1. •.t� I .� ': !• .{ , � t vl�oiS �,d��Q� Ito sl ;� st. �,• 1p g� 1� • ,, • • , ` , .'. , i. '� 11 - �jl , it ,� t♦I.�� fff :• • .y '( YJ •J I 017 ,Lr r. r ', .� i• '1 nip � �� r"rl `� / •', �..�, _ ,,lit s f � ' • 4. t.1. I i tom, „I ` ',` ,'1 •11 iP'I 1(� 1 � �,. I r , - �t'I,` 1/1 I I` I •. II i I 17 f i ,} ) 1 Ir ,i r ,7 , ND LI 17 - 1, .1' .. ' � � " `,• ) , i,rr 1 , i. ,� t .'.'•' _ , t; r'i, _ i � �� I '.11 jl j�� .1. MMMMMM jof ~ N 1 r • 7 b.r.. r 44 r r= t • r : }r 1. l , • I� r r i1•r !;```I t' ' r '.1r1 ;+'� r,',, 1 rl f 1 1 r .f � r: 1 .r 1 1 rr,r ' _tt,rl .r i, a + I; •�� r� r't 1 , t' 1 ,, •; r '1. � �. ... f , t � L' 1 � ! ! F ' ' l r r I , , ' r '� ' IC 1. �. ';l � I, ••`': ',i I i r t i i r. rr. 1- jA _.tea Y • - _ c _ _ v -y - NBW'•CO/PST�AJC7ION ;9CSMi.E -_ OCt. Nov. Dec 4'ab: - K:r. • ; Job Dsscri�tion .1. 6:_" 15° 22 2! "-S 12-':14 _-2i'. 3'-` 19 - l7� 24 _31:-.7 li X1 . 29�. i Il ;: 19 25 :.. 11 ls_ 25�.1.. 0.;.15 12. __Z! i 1 20 ' 0 '..1-` : 2 's `. •e 3 -: -. i 7 ._ 9 w _ 4c, 10 - 11=: 12 ;,_13 _19 15..: Ii ` 17 li - 2!' 20 , - 2i 22:' 23 24 2s'"2i , 2? 39 "3i ]2ti' 3] 1. llobiliae o•�> - - - - - - - - 2._ -D.wsolItioa - '. >sa.�s .�ss�s> -- _ . _ - - - - -- •- - 3. site Utilities- - i. loundationj314b- _ 5. Frame _ = _ _ • - -. >� M> _ • ... - - • 60 Lath a Plaster •= -_ >...w:�asa.a:>a.asj 7. hoof inq- 3. Plumbing- 9_ Piro Protection I*- Heat Vent .- ! ,. -- - - - >�� a....�...:x. - 11. electrical .: __ _ _ _ - - - 13. Tenant Improvement _ .- .:, +- X .. - Sporting order; -is- Current order Fras the first job to the last ;ab .Toby using all skills - f Symbol -explanation >—> ourat.on of a normal job_- - >..> Slack time for a nor.-Aal ` job ; . >..> Duration -of a critical Path job- >::> Duration `of a- completed Job with - zero:duration - - t Job deadline- }--> _ Job with no prtregniiitas +--X Job with no .. successors !- Tina break dua to holiday,•or week -off` , - r : - f � i :�ti , ;' + , ,'• 1. , �y e=rl Pik Jhj'� ' 'il {i �•�ir � 1 1 t1 , i•yi.�l 1, 1 {r \��. , ry i � 4 •i. ,�`". ,yi•• i `.'fie r. f� r i .' •.,, ' if. t �i ''i 'il � ' it „ ', S•1 .r•�+ '1 ., '' .ail; t f11 ,,. r 11 ,+• t •,r j 1, rj i �, j. 1, i , r 1 � � , � i i ' � 1 � �1 �� • 3 a ' .�i titl •t •il� �� � i .,, In 1 It .;+ , � , _ ., . t ,�`: ,, ',, � S 1 , `,� `� it , 1L„ i�• 1 � r i, '' { ' ' 1 ♦ t r' A �, r . r S ' u A. N • r' , Big Ulu for. -the Year 1985. ;'. I or.',the..'xea:r 19:85', 71wN, Comoany,s closed escrow on �aeb 48'� hoa.',,_I r fr Tateil , �c'evi�rities in+tsludin9 lapd • saYea . and! `fees: equallai $ 68 ; C 18 , 00 � Thies coapai)ets� to $341-367,Od0''in 'total rovei�uax #Qr 1484. During ' .,' '1985gross,prof it,.belart. profit pa�rticipat ona of:lohdrrs`anQ eAlplay*ar' t6tall4d� $3 351,000. "- This oo spares to,a Qroi�a ,profit t: of : 6$7 C00, wti ch had' beeia rialis d '.in .1g8;4.' Net'profi,t of �, t � • � 000'.:�a 1983, the year of ince tion_.fb ����;000 in 19�4 and '000` for 1985 revereed 'the. losses oi. 581�;` X p r 4-M Company, ' �►t�ditsd !'fnancii l Statements' (Znclosad1. ) , Y { �A N•t Cots a� s aonsalidsted financial ),,statements '..,.were audited'' by Xrihuz RnBer*en Z Ca. Accordiii, to f'g+�nerally,,, acerspt: counting;;prii cipals Moittj'of vl-rM. Company' s r part point ' r.., r 'z • a uncurls • � dat' rtinarsh f T' esf �.ar« o ategar f d' s v i d� a s e `eR . ventures a e �a h s are;, rifli ted is r the ia►aucial atatam nt�a is equity' ia'estments ' ' and , oa Y ;their�.pet`' impact' fa reflect«d. Aa 'a result, 'project ,+. ,,:.revenues of oAly :$54 ,691-,'n00;.ax :shown is� tha.�casrohli�ated ,•'� state w .comparid to '$68';018,000 whan t reflecti.rig I all A :Coiapany opsratton p r Fi:naricial ''ste►tee�aenta ,Enclosed') r' t .i�:A' crder.' tor; skiop�t b's impa6t'1 cg; al]. residmntial Pro facts being dev�lopi�d, by.' i1 t Cci tpasy.; loth. 'cabaalidattd 'an uacoci� alfdatdd part ii�rsnips '.1 1 ci�onbined co a''prafo' Dasls: At, a retsult ' totalCowmipany;, 59' 32 t. 000 *or sus `> th« ; . 44,iC, 000 ;shown i'o 'tl�a consalil� ted inancie►1`s Malone. ' Like riiet equity invested",{ip the,uncan aol' datool pa�rtnaerohips ��yvh«o ' Mitt then aiquity 'iovosiid is Al-M tOwP1LiY' itself "• tbials ; irtion's %eview„'t�noYosid) �. .wii.T.7rr�.w.nwwrw�rw� . , ti 'To Moroi., accurately Ire lsct, ��-M Company.' :1985` operating •" ire ' silts' all Pro i�sas, yboth consolidated Arid ,unccnabl'idatsd, are ` shown. ' Thus,, for;;`,'the year 1985 $s, 4+9, 000 in project prof itx " wexe realised grf'ar to $lp- , 000 being; alloceited to participat= ' in5' lenders or proJOCt partners. This; compares 'to the , $2, 385, 000 in project prafijes in 1984 before+ $415: 000, in lender ''pirticipa- ticns. and partner interests. , r , 1. A , r COMANY j LTI). �t COdSOLUATED IATO i AS; OF MrMMM 31: 1985 l , O M ,31 1 , , � •i'. 1 "' t ,D .t,:• �,' tit ,l �, f ' ' ('... l'� f ''� 111't '. 1 t � � t � -.. , ` •., r', � �.. •1+ � I) /�j i ;; ofI r •, 1, 1 tl,' ,. .,1) ,111 _ � 9 t} �; .• t •,/,`tl �.` T.. j `I.{ ��;� ,, 1. 1 t ,i. t I 21 1 f 1 ,' 1 I • � ' ` 1 Yf ' l i Il 1 I I i t 1 ."1 i., Y.1 ''�• `'.'�' 1 l• 1 I ` � ' 11 f �` Imo.. _ '';+, •l. ` �1 ` rl � ` 1! , " � ' ,'. :,' t, is 1,,.' , I S 10 , { :I 1 . , I i .r A--M COMPANY j ' LTD. . . _ ,�...r _ ■III 1 I�rM S . .. "CONSOLIDATED BALANCE SHEETS S GF ' D LABNR 311 19 QFY Z 8 5 . AND 1984 `\ l _ ASSZTS .'CaBh �t 2 '' 115}" ad�'! 2''•Y03,00'�a 1, `Ace u to s ra<ce va a +„ _,: 813, a00 43.1; U04'>;=: l ,,• /. tot• i eceivak le' tHote 47) 127`, 000 t� 51; rr ' .^, �d' 3 ' ) Ret►], �eetAt'. ;,pra j eta` �� Note �, an 39,338 000 29IF oq0 3, • r :Uncohsolfda�tid' partnership. 1 `r invist�aents (Note'1 4 )' t 831, 000 1 , ' 433, 000. 1�ntnitura� fixtures and improvements t., >`eocu ul.aied depreciat`ionl `of tl: ' c f `+: $1�1_ 000 in, 1985' an�1''in ,000. 195;000.; �. prepaid expinses and other/aseets 1984 44D;000 i.l _._fir 603.00C+' ' �• ��_ r ' S 4.0 0 , 0a-,.,3z+gag oaa;;' 1, _ ,'. :/.I -1 :. - } 1. !. , f{.•'I` LIABI.0 ITIZS ' ANa PARTNERS' CAPITAL I. `1{ t 1 •r •��, A'ccountia gable and accrue 1•I'.1 ., � 1 ll.,`rI/f'1.1. , . - lfabil f ties I 013 Y{' state ro 4tt liabi�liti,es (Note :Real`}e I' 2) 2. 628' 600 /, r 3,'17�'�000' CuBter, deposits ,:. , : 223.,00 0 335�•000 1, real Notes. payable secured `by. es to to 1 T,, (Note '`5 )- �' 34 �`47 "Oa0'f 27.110,`OOOr t: t of Notes. -'payable unsecured tHote 6) ,50C` 000`, s�0 00'' 1 "10;'401�fl00' �1,1G99"00G Minority„ interest 'ire aonsolidated ' �'j ennf es Com�ui.toents and Conti'nq IN, ' earth' i4 capital 3 '95+ '000 1,1 9. 0. ei Tie ,acCO3m", nyiaq' kjotes are''anintegral,psrt of these ststewenta. 1 , r : , A-M COMPANY; LTD. CONSOLIDATED STAtMENTS OF OPBRATZONS tFOR '.THR YEARS ' ENOED DI�CUOR 31, 15 8 ,1�►Nb 19 8 4 wr`r IIIIY A � 9 8 4 t l - 1 i { f � t 1 { , ` 1 � r t • �7���r r1�YiiY �i�� 8�! . , f rl f $al �t+c residence�r {: , , 0 , 000' Lind `sales ts, t: S , Ol0 Op0 3 ;`947 400 efurii igo oi4• ,.. i s } r, Fsa�arner3 '.:1 '00 357 000nncbnisnlidateparnrsh'0 2,'305, 000 1•',118,',000 }1 intereitr apac e s 0a'0 59'`000. Renl:al and other income ' 116,100a 33t000 r 54 ' 60l 000 ' 18' OO�r, 00o- .•, . - • �Iw. iiil rlrrl R - �Yl�r lt� it S 1 r ' •.. 11 I .. 'It ,rt, 11 ••1 •. :C6AU ;, a►na expenses f Cacti' ark i reside'c'es so1:d 41, 65.3;`d0a 11,1S3 ,666V , #t " Coat `of hind. -salee 3 r 97.8r,`ofpr0.�r 2 � 9Z�8 8' r gar od asrk�ti ec tia► 0 t�q , s 63`G �0 ' U 60 ,OOOt t: .g� i6d interes't, `and taxes:,,a`a Q J. ,� , G ni"il aid. adia%r�i'atira<tivs,;. 305.89;0001 2 ' 52 000`}'' aepreciatidn and-exgortisatian 11Z, 000: 17400 0' A" dohsimts and 'ibir expenses 134 OG`�' 50 000 52 036.000 17 665 000'. w�r+t��rrr rr�r ��ill1 `Inco►e l fare min16 -ity interest an ai i t i 0 5 , pr parts pstions 85;000 ` 33 � •. ,`,,t ' , i / ..�"�,• in rity�; n i 't�rest n. •i n cow of ;,r f ,•,. con 861ida'ted entit'#.es 81,000 ,1 22':000 t ►�° '� Piro t ptrtic;p Ati6ris of lenders s 4 tt and" es' lctir► Note 5 ,, 1 1'' 0 0 ` . � � a Sao e/ �( r,176,'0 5 41 'd00� i;- r• ` he r�ccc apanying ,notes a►r.e ran integral part of,,,these'' statements's 1 " !I : r ONO - A-M COMPANY,, LTD. r. 5 CONSOLIMTED BTATURNTS OF CHANGES IN PARTNERS' CAPITAL FOA TOR -YEARS ENDED DECKER 31. 19050 AND 1984 Aru jo , . i .. fench "i Cal iMY1.nC rRaalty. Ltd. Total i��►lance, Jai�ua'ry '1, • 1984 . , $ � �40 000 ` $ (17, 000) 23; 0`010 ` f . Cap,i tai Con , ,; 1, 5000 000 105001 000 _ _ Di•atributiars (63, 00) (63, 000 )` Net loss'- (50 000) (291'. 000 )'. 341, 00,0 balance,. December 31, 1984 (148000) 1,129,`000 101115,:000 � Capital contributions C 11000, 000 1,`000, UOIG Netincome 227A00 949;-000 II-F176,000 `Balance, December 31, 1985 100 0� S3.078,000 53.2.95.000. The accompanying •notes are an integral part of these sta�tementa.. ' r V „ I t• i t l ' - „ rr A-M COMPANY, LTD. t , CONSOLIDATED'STATMENTS OF CHARGES `IN FINANCIAL POSITION FaE THE YEARSENtiED DBCSMH 1 /31 19 8 51 AMP 1984 4 8 4 •�i 1284. ` eoureeei 'of 'casti', Petat• Net incame 1106s) _ 1 176,000` �341,Y�00`Y� Depreciation and amortiaation 1-12OpO 6700"- s _....._. ash Copzationsa' by (used' -for) ,,' e l286. 000 . �{�4' 00�i:1..• f Deciease 'in prepaid expenses and � other assets `' 158,000 Increase in accounts , payable and ,- accrued liabflfttes 186,000 217,000 ; I In" crease,irereal eetats`project 1 20,796, 00_a Increase -in customer. dd,P6sits 33C 000 Increase 1n not+is payable secured ,.by. real estate 14 00�' 17 985 000: Increase in d6tes payable unsecured 1,700,00.0`' �300`,000" Increase in Minor" i ty interest 23 ' 000 74 , 000" Capital contributions 1 ILO 0 O'P "500R bo I 11,,792, 000 22 ,933,OOa` Uses"of :,dash ` Yncresasein accounts recavablg 302,O00 378,4Q0 ' increase -In,, taotes receivable 76,1000 610001 rt16ieaeie �fri real :estats projects 10,ry62,000 19,545 t ,, r„ , lncrea sis' iri unconsol�idated p�►rtnership , , invaataeents '398,000 433,'000 Addit16''s .of furniture, fixtures aind•' ilwprovgments 2�1i 000 '116 000' Increas'ee! in .prepaid expgnaes and ' I ,; otherr'snets 537;`0Oa` ,;r C�ecreeaso<'in'real estate project r. 1fibillities, 309, 0010 Decrease in cuotOm r '8ec�+asit s 1�.2 000 ; Dia�tribution 't ited, partner �3 0 • ' , 1I 780 000 wiirJl�a�li AIYM 21 '0781,000, � wrwt—. �aHF� 1 IrAtieesm in,,, -cash S- 12.000 1.855 000 The accompanying notes area an integral part of tho'ae statements.' , , r , A-M COMPANY LTD. 1 ' NOTES '.TO CONSOLIDATED FINANCIAL STATEMENTS Deceabdr 31, 1585 1= c•1) ,Organisation and' 2artn*rsh't� .aQre eiit ' ori` Xpr.ix 18`;;,i.983, �1-M Ccsnpany; !Ltd. a Ct�litorni'ai 'Ymited „ • partneirship'r `�(thre :"Company"`) was formed with ArA: ja, Muench s C+ iep ny, Inc-.':-tiC.AHC") j, as geniera l .partnex :airid Mi1W Realty,, i;td. , a< CalifornYa limited partnership.. ( "MEN") ,".sin the :sale limited . pa r. , he Com any' � partnership term co�ltinues until rtne T Decenber 31, 2001. , l'he 'company `is' prirnarily� �ngage&An reside i 1 ,eal a tare ' rY d 0 lo• nt' operatlone through,.`,, its '-x gibnal off 611`ns which •arie r ' '�, lacatsdia" Ta»+pE,°.,JAr`f rturiL, Santa Iatbara, 'Sari : Joae, and Newport I •r,,. I saCh �JCal'iforni'ai -•,Du i'ng,'•1985 ,>:-ttie Company'�a s+in lie fnmily `.'. r aidentia'l 'divelopmehL operat dns generated ,saIaa 'of 484 howea. ti I ,During '1984 the Cgwpany.- orme an aP.*,, fig divisfon known Aw AW. S of tisa :* enquire income,,11yr i icitig';7p•ropertier Bites upon OLd ,they coul'd� bm' built; During,1985, 'the Campany'.:.acted as trcj,general, partna�r, "in :t4b, partn,*rehips which iacquired 'sites r Jy c tio" a tme u' r, t 1 , .ta ;of ,which .421 ',uni1ts ,'for the bneatrur n f 661 apar nt, ni Jfrl. * were under devolo nt at , ear end. ' TJ4�e -Cara any ha's..".retsine�l e 'fit., �.�t �.. F.-..,, .. � tmot. r , 1t': gepera� pert'r interest ire ;'th.aoe partnerships with 'MHw, rie .`, employees of:sthe Corapanx, and; athar :out4 die inve'ato;a as, l.irafted ;. i s, the Company partners �, in cr�nnectiori';;w►ith these, psr�•tnea� p .t earner: project 'raanagemdntt 'Fees of $�108,`OUa`- ;whica are included ire �eesl in 'the �►ccam n s.n t;eon of - :o • , ,; " add �" 1,a pa.::y 9 f operationk1,10r .1985 6d. h i quararnteed $8' OtJtl � debt of one q6p th partnersti ps. ( ,' r ' .rY', i • '' '` f!Y;!'r,71,11.`i ,_ ' � �ti�' J ( " ' ! r 1 ' � .0 ny formed a f inarrce. subsidiary knoiM as AMC' -.-Financial 'Corpora tion to- operate a's a wortgage '146kar;'- and nor gage, tenksr ;'pri,z'ly to' provide loans - to b�yera of horaeia J' whfcb'`'he„C�atpi`ny''ha�o` ku'ilt: Tlfer subai`dary ha►d ''no `apeiration�t I • `iiurinq'' 19d�. �, tl I ... .' S .I .If , T 'l �'It , ( .:J.1 J I:t. �;t •' i 1:, ►, Je,pship 'afitere 1npicbvides fienally' that `". 'prof its Th aril t6. be firstalloca4152000 to AMC and! 1' 5,`O�aO, trtAtn• toof, .prev fousl�,; aYlocste�d lv8esse 'amid thereafter are to s �illoatet!'050� T'h'�i'frst ca h , .. ; �lietri 'utior�s from a rations t $`1 ar'e.alsa to,be'•diatribute di50�0.to AN and 55,00Q to MN`� tirgreafter all cash is to be distributed 50-30. fl 1 � J 1, : 1 cntth dis` •tribal -ions .Exam the. sale of all, 'or substantially" all, of - the Com,pany'r assets or from dissolution of the company are to be distributed as follows: first the sum of $207,000 to MHW r second' the sum. of T$6,666,667 will �be allocated 75 percent to MHW and 25 percent to XNC; thereafter 50 ;percent to MHW and' 50 percent to AMC. " (2) 8uaim ary df significaret acceunting Policies ry]]� Principles of canlQlldatior, tatements„include' tt a"accouhits of the C:. The .consol idateal ° f inancie�l' s ,mpany, its .�8 percent owned subsi fsxy, �A-i me Wn - { Buililars, , Inc. , its 100 percent, owned subsid ary J'rMC Financial .' * iiarehi : :. Corporation and invzstmentis,_:fn Qtxrti pa �:'n' which':: the Company: • +�. owns'r'50 percent or- r�ore Pof -the f inar�cial interests in' profits 'or � i�aa8Investments �erships whchrenoteffectivily controlledby theCom any are ,. accounted for using the equity method. The accounting -policies of the partnerships are ` _ Y dame ,bs those uf..the Company. All +.significant sutestatttia�.'1 the 11�tercom do Acco 1 :and transactions have been slimi'nated in . p y: uats canaolidation.' " Real . .. !llstlitn';. projects � 1 Real astute;' pro jects,, jests; are care ed at coat which 'is not�:iri ss of t rsalizab� r exce estimated hie value, �i�nclu"dliri:options.-and preacquisition costs, •costs of land'' '" � `.'.1 . • land . development, direcC realtestatentaxes relatverheadeand carrying,coats.: Interest-�►nd, ed, t r 1 estigte devela ant , in proce$s �►ze captaJf contrutioil�x, n`: t. Optioiea ;'and preacqu�ai'tion casts include option payments, ,aaikit-=;studka's d,,ottior costs assoo-imt6d-!i� ith :the awekluation of ,. prey jecta'pr q n.Oil ac, uivWf, ':such.' costs are cha= ed ta��ol$ersiti'oa . as l nit , /P a �►n nments., Furnitura.'a fixtures and imnr4vnenta 1, rw..w•.�.w•�r,..• i�wi.w�t�Y�..�, , • 1 ,' .. 1,'i �'+ 1,', /1 is � „ J► 'r r Futni to=e; , f ixt�srea and in provoments acP 6, ated at cost o a; a st�.�ai�ht-line msthadl ovr`.the Apr Ciat;t n is pr ! ` y h ded a be o -i ,, , e,�CiMattd useful i.'iVe s of t e' asp ets. . , , • 1 I f, I, , ' ject l Real e Itr sot liabilitiels Real' estate 11abilities are de:verlopatent and/or� con'etruction patyablis .which will be funded by additional draws on de'v4iOp'ment or construction leans Rj!vanuem a'rid root o vale i 3alea of ;,real " es�ete are re ni x'�d whoa all condi ti`cne,. pcacedent ao cloeieg hays. beri ti�l`ll�$d, :;a rpeecffied', iainieuin darn paymem.: ai been ,received and .tha.re :ie re�aanabla as$riiranca that. reaultina`' receivable will "ba• 60 11e11ti .Coat, of residenoea sale. ana laid s�ldare "computed udig the relatiO.' sales value method'. deco nit 'vi�'.,of fie ineoi�e ti C n 1. t 't n`p ,ok; acts T e omps► y funds he de�ve open of cer 'a i r tis . �.. ,� t , • I ri through' 1 ane with praif i t ' parti`aip,�t on to the lenders or ftti'rough pray `ct: partciershipe` with' `thee equit r, 'prov ded`'by ' ' i weiE6, �_limited rtnei s ;These agr.e ne is genera e w o cartef'n tiuilde fee�'Fta ba �hac ed" to` the res etive rolelct; in �� _ part-, to`�� coin eheata the ` Cus n ?far f`'its.: d rec ands it�dpirect ove�rheead .,That` paction of : t e,; btti'lder fees re itad' to ,,tne le ear's and' lirsi'ted a to ee of ttia cost• „ � era � shad' ,. . , pra • sot' are z cognised , to by'' mpapy` asl th in cow th' t cervices a @ r�ormed The `Cob as ea=nee Wilder . fees ''from coasi�i`iclated �.. tities 'totaling' $1,j76'600, durin41'158'5 and. $78-4-600'''au�ring See alsv'Note, 7 for certain fees car'ned` frc�ti :+ Uncoa861 dated, partnerss ps. !ii , f .'f 'i. 1. ' lt:'' :.. •, . �� Th� :Company;:;' a lia,ft�d.'partnership'; is nati aubjeat,,;ta ` r f �'eed�iral+r`and .eta tee incomm''taxes." no ea rnershirp `''iric'tsae ar f pa aMabl6 directly to ;tb .Lndi fd al' s ' e': _ v u 'par, ; l i o f „na r° gror�i"s in ` ior� � i'nca ;': t Tres ; his'; - been , ma e.' for Jai es own uil iii , IA`c. the aor e' entity`;included `in ih®,'donsoli'dation' ) J cause this ;entity 'imir:red ss a� to in;. 1985. f i%"j;Ail ifitditionw cOrta►iwprorydar! ar`iwo nts `have been x::1assi.fled to can foria ' :tc'current. year "presentation, f jk , . ,. .. gyp• '- t�-. f • r I 1 r t • r 1, `r 1, , 1 • .. - i'l 1 w , • .i , r i • • Y. .� r (3) tter,�l oatr'a .12 . ra e Real •etate,pxajects consist of the Followings 1985 19`84 ` d 1` i4tatir +dovelo "enis' is rooi~si� ?� 493 000:1 $27;248,01 C} ' • R a 5 GMnd h1d�rydv�l4p�iritj ar: re7te 2, 5g2,000 619,0b0{' ' Opt o and`p= acquis'it on' co,�ts x, 054 a000 1, 010,000 cumul ennal� ,pr��e'�ies,t�•nit�.,og- acat'� ;, .. .._• ... •! • ,. depreeiotiaia`' of 430'000 In 1905 and ,a,', •` 021,.000 in 1984 199000 6.000 I 1 i I t S9 .•,F r ,.:,' )Cr ;�' • '. f,f; .T ... .,'.. .'•.t,• �'' !'. r 'i• li :, �I ,rl• ' sand held" for deveeloparent 'ter e�r1e, includes the, Coat 'of land , r� , 'fibr -which ria construction i i contemplated' during the next , ,t 1 Yr. ' Inter` incnrr�d and ;'capitalized on, re it tea i I' - z tate }' mdt costs �> _ ldevelapc rat inprocave' d" rii i 105 .�i►nd 1984 wer* $3 937,at�d And , $2 r1,09 f000.:.:raspe�tiva�ly ' ' a y Uheoasol'id�ited aarta��rghip 'lava 't�aent�i ` 8 sized �tinane3sl infC�rioatian of the 0aapany i ,► ` iqn fieer�t une;onsolide�ted partnership invesi. -.,as 1985 �„; 1984 r ( «fate?,pr acts ii��t� b�7'i 0a0 '1 250 000 .. i•t '� �I '1?• IC. iSti (, .Y.I , r , v1� {1 ,ti T(' I '': g16.14000 000T, ,L Les,! r• a'�36;000 � �'� �' I The . a8► yin 831 000. :. 433,��00 Fi { .p 301 ! ''' 0 0 r 0 � IfI! '`•i n: .: ,Sl. JiJ.�4{' , 1••, �, yr `}.,,1 Lf' I ,tl ,.. ' { .�'t1•r��.;i. r;ir ,(: ,,:, •!. li'abflitties 'Aid equity 1 ,R, iil4e':ooa his ; 000ad, r' $1 $, vaiisp r j000, 7. �'� o0 ae88 0 `*t end eujnses'';. y .....1...� i . 0. ' , •12 oa° a� i, Ld b beDaQ l` , On not�li.+datad 'partnership lnvaeitrionts c��r�siat' of,�jseven t 'rail',`estate, % joint 'ventures ,` ,';ona of °fiL6h jwae ` as�ti�red 'intia during 1985. The`:'Com ._ 'n` ''s intarest in earnirsge'`of its unconaiol.idated 1 Y f & narnhi p` invaafimontis ranges from 4'0 to 50 perenti"and.t Yts interest in looses range* from zero to 50 'percent,`, - �,0nconsoj kidated P&Ftnersh!6 Ioans totaling' g,393;000. atr >' ber•,.31 1983."wire ,quarantaod: by the'Compeny, MC of its I � rio`aiei►1 rharahal�leres L1 it f, , `f t 4 :1 o ' ,t ,• • / 0 ..� t� vabl! sacura�l b�e�a<1 estate • ...mow, Notex pryabl,a aicured by real estate consist of the it `, w rl , .. .. 1 ' -':.•' ,# ., �'i `; I t•. ,r '' I4atl� WY ►bl�a `sto sellerrs of. real ,', :# •<< '` , atati ,i lured by :first tir'i ;,. pa4ibto•'on' variaus t,h . ' tee rough 19 B i with interest t 04t} 20 3. 473 OOd $ 1,162 ,000 > Construct oim, ac�uisit.ian and' ]�o�ira- as iir'ed by , ;first grad: second trust deeds ti;n ,•.. lino •p�es :1' . •;. a988" �t 1 withatntird1. the u9h' °l n�ran� i a 9 • romt prices phis 11', to pris o plus K. 9, 9 a ,• ;� r Ma rt a atno a®: able on"rental ' r' r. ,' tilt ' prapettee ,paiy in install•- f` , ioents thr ugh 2013•with ' in ' ertbzt . OO ��,rao, 000 ,' It , ' r .) .1.#. ` .L ,Jj•i ��. Loans are shown net of undrarwn funds of , ld4'; 000 which ,$lf ,r �.. , w'ailablei for'r.�qua3lified (asefin) construction , '1 t n sic nditures ,in'c 'u►din adv�ancaa ,to he Coma to fu�id is Y " ov rh a►d, ,du`ting rth 'c r onstru on phase the Moan scent s ; alas providai!far:-.a stipulated;. a_ Mount 'af'' th,e Goan bailas ne' to bee repaid' a, individual re derives 'are sold. ` ` , , ,';�►t :peciwbeic, 31 1965 16''2T4 ' 0�0 '`in borrow ri' sr , butstaadi r�q ,sin $ 3 r'130 f 000 ffn' undraMn f un'ds are e(tbj ect tic p i partcipe iron 'agrocnent� w3tb 'varjua'' lendersheee c a .Aareeepents provide ,for pr zit4irtircip 'tion ranging ' eim 20 ,, ,. peccent; 40 percent, in .certain indi idual,;piro je:ctr .tri 'sd3 'tfon •rl + i #, ab n t - of he a atad i;r�tereat`i rate n he noteis. The xender pr it 1 , ''; ' rticipa ti�onsfor 198a and' 198�4 . we're ''$98.1,:4p0• end-- $482'a 00 . , 'r spaCtivel ,. ' .1' i I , • Lonna tiatalinq $443 were 5 �,d00 at Decdimlye►r':31, 1�4e guara<nteed bx AW or, its 'grin 'i' 1- shareholders. ' 1: ,T ('6) `im6tes inay►ablea unsecured DUrin9 this year; the `Co any obtained aj.$1,500#000 secured bank`' 1:ir�+s of credithl.ch iB prrsonal.l,y'guaranteed by the : p.rihcipa.l shareholders of 'AK. They, $1�000, 000 bank "line of,' ,cri"Lt is renewable annually and bears. interest at pri.i&_ plot 75 p cce'ht ere- are no ompe sa c g balance or fee il .I ' There- c ti iaa l , regnire6eat rn , , 1• , , • r - .• it ,. , ../,' - `, , j, r 1 - , r -Gr w'il •. •,• -(mot, ' .. .. , .�: t , ,1. .. - •7. 1.J:a1 • �l�t'e0, his, agreed to.piovich ensadditional $1,.,00,000 ' oxide an� a 'ram unse Herd line, of. credit' ntially matches the terms'of ' the above note 'payable . ' 1. t At Dace mbar 31, 1985, unsecured borrowingea 'out tatnding .were 25001,, 400#10,250, 000 under Beach' of thee'abava lfne"a of rred i0 tt 7) R. lett' Mtairrty transactions ,' ,, Motets '�rac lwabYe f rae khee" pzinoipal ;-sharah+old - tx 'of ,AMC t' 451 000 `nre 'ttriaeCured and tiear `intereat at 9 ; percent: `per 4haum: Prihdipal and .accrued : intar,�bt' ears;: due` :�an damand. The C n earrieid ro e r r ' t f f r�lf1 c .'r •� , r,l , o�pA, y p , j • ct yMan��aaartn:. e!6 ` r uricansalid�►ted� partnera�hios tatA1 hq �000 ,d'urinq .1985 and ' $33,Nj,0A0 `�1u=ing .1:984. , "These ,leas', are" included �unde`r, "Fees I '.eardeed' ;in' 'ttee accompanyicons0*11dat:ed statements' of, 2 ope�ratiOns. ng (8) itias"nt� rand cant nsen a The Caiapsi has.enteced into', employment agreements. Mitht the 1 r ! ! Y, :twof pr3ncfpal rhar�eholde,rti "of; AMC« Sher, agree nts sre: far a` 2 ten-yetat to st' co nc ng, tin' April' 18 1983 and provi,ds' !or cost-of;living, ircreaaes: 1 . i ` ;Thy Company ,has entered in o emp ,oymeent- a►greementd "with l - �r'rious of iders and ':eaip`aye ;,The" ``a►re�nt* ,are ganer'ally year; . utoaraticslly renavre'd unlaes rio ace � al`�d 'are~ a );given�tiy, a"i'th'er,, party. ' Ttiel ,agrents � also-,'pravida '`far aniixual ` boai " b�rie4 ,upO11 a pera�ntaget.. of Income t ��: Suwzeaueen . aveante�''A r� ' :r :..„', !." ,. y.�,, .. ',; .: .:. v f£'...(!•71 �'1' i1L'. -}i.t f ii�:.i, i1 li 1 a, •t','r tC }�/' ( ,l `. wli !,r -1, ,1.� ,.. ,. •.,, ,: a .,, �h;i3, *! ,y.., ..l.,t,f•r .t..i ji F . 1 '.,' ) r I ` r 'In-,,'con,nac+tiap with s �1986 as ndmen '�to ,the; gar�tnee ah'ip 7 I Y,, 'if agree at; MH cant ibtitedy an "add ooa�l '$1: �0a p:,000 to ;�ttie ' r t' , �ahhplli`tah'„off''thia;�Coeapa,by M l�made ''the1�1 500 000�Ica 'i�ta►1�:; ' \ S f 11 i `•MMM i,. � „� '..1' .,r •. r , i. 1 ,.. y.•a,/ ,'r r :! �� tr butioxi to'; the ,+Caepany �'on februa:y '10,' 1988, ph}; �.r�° brought aci ■ l ; [ 11 `'rontriau �,'o,�s !'to'+,date" to $417,5a; 000. ��� In Fel�ztiery' { 19a8, the Company diitritiuted`' 0152, 00.0 to AM e►nd 55; 40t1•;'�to x1 I•''1 1:, 1- . f • ', t, 1 `` , j!. ram.. •, t, ,, r, t T , 1} , .1�: 'l, 1+ r `I 1, t t'' l •2Y 1ri' ' 't %...11t ,.1• r. 1 ,. .. W'.'i}1 }!.' (. ',•�f 11` i• ; t:,�� �} •, ;1. •, ,;��;rM811;bwei ,al'so ,.agrersd to' considerinvesting ;inl Praj+ect t t quitiees'"trrouyla; participatii'q laans',MhieM ,would bed-'Bubo=dinate �' t tq �anitruotii ' n , a"' i h, ott f o. - fi r,c n w t i e:r at ,at �M..:tt ;'.' s; 1. , ;Pa 9 ' l ,. gp 30� ' rticiotion in the, , ,► ,, n i nt ' r�io tin ' loran 'would rovfdet � `for' �a t re tax' rofit s -'of tha related 'pro jerct. 1p q 01 77,1 �_ - ____ __ — ........_��,__.•�. - , ., ,. - ___.. __._.___ �...��n .. ." __•i..•u...niP x'Li'11uYwuJ.ihrtZ,! r1 I it _ i • 1 t y 1 � A •'� 111•�It- r i, . t ry•. rr! 1L 1 I �.l' 1 t• am ma tion • •na on F .. I :r` i i•� :1 rll ' I. t ' l 1.L fl l'' 1 1, r * �i ' t - , ' � , � tom'• `13 , fi Il 1 • 2`' ZI `� lyf ' I • 1 I L• , , r, r n� , "\. \ 1, '' ,• �'. � Huhtin 9 ton Beach s' Main. Pier Red%FV'%'-1op'Ment Subarea �,. ` ' •'+.1 t d 1 lam, ,. II I .' 1 ,,; al' r ,' r r � r r• f ' ! , , , • r • r '_ ,. '. !:�+• l '., Z ,. ,.. »�t A ♦', x .�:);1 ♦ ''1 f ;� t. rj y /y,�� .it,' !.. ,�+t � ,�. �)., J� ,1� • , ',f �'� •}i ArrA' •grit • r'�� ,` "i rill .., 1. , . 1,,,�. : ! ),r_ r.1 .,�:, j 'r •. •, ♦V1. ! [. ' �� ;knd ` �iusar�i��... , h . a_, i 8aritage P���►t�► '�� , #old � ' r, an 3a►t►itigi at�d Loan:o aiely undertake 9 ' r peened ` pi +ci 6at as,' pa ifi ieri#. i . 1 t ,, .• .. ;,:. �, , , � ve,l pe�u eta ou �,� ,• t ,., Ild ; twr . raivad g o t r p , Ili cow tiwent frame Citil rik lend a s baii�ii t`: t' ,, do � ri •ru C y a the Wilder Paramount' a { u • s asso r ,.r ...1 .. r. :1 . r i�:.1 :,r 4 •�1 1', t, �, t l�I ')s '�' �J )r `r'',� ,.}1 .,• �'I•{ `. ...t, .'t.t•1 r! .•t-_ •i, r .e, d�t. t-, ffA ``:,S'� fl , ,,. `A►.,M }re ha orrer t Y. �/' ., . dor,.:a rietr�ntior�r.v, :; rf i �. mo istly: t ct i Mith'.,thrio. for--eali an h sin diviaion,t� srrx , n 0 y , Um Yi �.���Y lZ 0 G. to186.I�.�h►at• year .�.. M : itas:'br an �ccixit acct`io��:uro r'.;. �Y66e i►Ria� `iiW} 1Ai6 with t ,. r p�on: _ n xa 00 r °l. :�'pa t s!t :i ; on yy■may■ �4 i �1ct •�• f � �o l' o�tti'��:iu ra `Ya' xas of $sad �� rt^`'a �N iJu• act Tr � ,- ' n F Aa �t � , rn ti` 'Wna 0; O Y e app �xi tie ,y a er yr, �� 0 ., A-M �omri r�a�,on�' hna a: val"t th �'t . z at,,�Q d0 0 '� ' ' , `rititi�ri . a .` va , '3oa�'af�. ;Oaf, 0'Ua N�►t . `bees l`pa't sugeat r i� that ,nr asarti# sa►tian' haoi 'net 'vtort i too het -the-beat f ina* nc n ,, to nri� a rste jout praj�cts. , t Foll'owing sie brief- stit'ammntg. of dal"ifi6&tiana and expe' fence z ., Which :you ',hs°ve rq _. ,rIt P. +, - 1 = i t^ 1,:f' t• „ r + •i I,. r 1 S1„1,i `r r+ f '- .r Ir, ,+t .~, ' i 1 . r i + ;i •! ;il r•,1 i t V I ',1 � ' '.! 5 . .1t .i, r - , •' , r yr: r fir - , •• 1 1 � . � ;'1. •• •1 ,: 'r f , Coenc.. . � •�: ; ampu� Orw�, Multi 250,'NbM+port 8000 ;0111forrmla��2e6a (71 ) dB3•�033' �"• ---�-------.___�._... �___ _-... .. 1�, .. i � ... - --..,_ H. ♦�.. .a.r - - tt.+]sv.+'LsXrl)��►S3J' dt -T.,,T- �--Y•-�+••-�•••h-r�•.•.�-�r-.--•-�-+••R�. r-�Mr•-,+r---�-•7•�•+• it�IL-ww+,+•w•.�r-��f •U M r , f r A--M Equities is one branch of a multi-iareted company as discussed- in the following - brochure ,and depleted -,on the graph which follows. - Daniel A. Salcedai in the. 'prrsident • of, A-rg Equiteis and Mill ' bm the principr,l , involved :_in the Kunt rgton Beach project. Dan has -had extensive ' d#evelopaaent exper' xen:o f hao ,, law, dagrae ;,and I;.Corsu►lly did redevelopment work, in a City Attorney's office." .II Under his responsibility and direction over' 3800 apart,.aaint 'uniiA, have ►man built; several -said-rime, office complexes oowrrleted and nearly 2,Op4,011A square 'Zeet in rentable i aarsaaraial and industrial. space deYeloped. Following is a picture c! one .of•. parrs most aecent-,pray 'eta. It''is the CluV�, Laguna Apartuent fro je 7t which is r urrantly under constructio--fn Laguna Beach. j a ' 4000 Carnpus Drlvg Sulfa 250. Newport, Coach, California 920 00 (714) 803•7033 ♦ •r 1 • • F I th 10 Af • ;��-��1•��1_�`�•-�� � �:,'"�' � ' f = cif - � �� . � � , _,l�j��; (r 4 1 1 - w • • i� 1 - 1\ ~ • y • L - 1 1 ' 1 ter %%000 11'chael Muench. chalrirtan M, the ikiard, Chlef Executive`9ilicer.One of the con111any:tirriginallininclrn in 197a, .111(f a in usher oi' Iliv A-M Excti itit•I. colllinili.:v, with morn dean 15 yrals will V.14.1110 VNIvriencv. I It, cantell ilia NIIIA Ill Ihl,uut- at Ihr llniwirsily ill Southviir Call ill,I, Magna Cum I .0 a lc�, .0 l+l hollk a It S. ;Mill US C. in t•t,monnt, .r Hart Arluju:: resident and Chef Operating Otitiren A coltllumy co- lill.ln(1er in 19714;ul(I member cI`hr A-11 Executive C :nlunitice. Aratll(1 draw( (ill Blow than 14 veins cxlx-nc ucr in wall Lwtaie tl(�tclnllntent. I icy holds an AM% from I lal'\anl Iltltiill('.S School ,itltl .1 11 S, Hn,u rc, Imin US C. I IC is .1,111,1111r� .)I.Illv'Nit tt,l ILul+,n:1 M.'.)"(ira C11a11trr Sn'ilding In(hlstry Association. Dim Salceda, i iv-sident, A-1i Vquitics, 11mvitlt*ly i'nsi(ivnt/Chirf hectttit•er Offi- cer of Itutterftcld Will= Corl+.lratim their he was responsible for invo( tm:1111 of ounv Man 5150 million into inrnlly. 1111k1tu itig eolll,lllvid. 1, llltlllvtl•i'll .111f .11%111111t•111 ploit'cl�- I'Iltll• 10 111.11 11111t' • �; tlli (tii,l +�:1+ 1'I' ii)11���•�dnlliu�•lu lui �l,nt•r � , 011tgt, Inc,,ultll'irr I'm-.i;lem uf.Ulahciul fills. I1c.1lehold:.111,11hclor':tlt i>-c' In Illlitical Science htnn Seattle Ul i"i site I.D, Inlet the Unht-sln• of Southrr,l Califorlii.i: AMW,MAVkm John Ca'nlpatlella. Executh•e V , Chiel• i1mitrcial Ofiicer,,Ind 111cil"I r of tilt, A-M i:xt-c•utit�t- COI'mIII ttce. Mill Kaillinan ,1111111mild, Iac., &� 1'1+ Finatwe a ;tl As-iktant Division I'resulvrlt. Southern Calilornia Ilivisioir, pin•lowly Corp(mite DiRictorof'Finandal I'lanvigl ,uul ,t'lnrnll : -( of the Fill,tittt. Comitlitii.c. MOSS rr(•t Iltl)' I limctor of Olk-tritium• t :or11c Il:nc R011 W, liu Ille Wit kr% 1 O u- Iauliiw, hr c1x ulm,itt-I) litluithni(nl ,lc'tiVitiVS_!;Ir Ihr new maiiapeinctn W.un. CM. graill last. of University of I l,vrrcr (rtltilirl•i in,uur) oml St. I\.'tt'r'% t'ollegL. (B.S., Act,ourtlillgl. I Tim I lover. I'mSident, S(littilent, I.my Kush. ImnsIdent, Mama itegioll. Ken Riding. IRmsident, Notillent Calffonfla Region. lbrulerly Vice 011e'l-alus under the name A-M Comniti- Calfronila Region. Many years in the Ilirt-sidelit, INI. It -tors CollillfillIV, 101, 1110st nil%(1t'.Mollem uhidl was 11,111led 198.5 N'ortheni G'.1itomia ho,111CIlUilifilig market -)I dolt Southern (;dill] 16'I'lieh it I lit er's littilder ol'I'liv IiWr by tile Central Arizona as co-omier lilt] Nesidem of Inveniess IiNlory I lo%i-r isaku Imst VP of.1%fa ko- I A,-st"Whition. Kush was Development Cogi,and os VP-11orthem .Tilt}; lOr Kdou'linan siiad llnud, hic,'SoLliliern pix-viously VI' tit Costain Aii-lona, and Califtimia Regional ManLigerl(br hmdc,imi :alflornia i hvi.sion; aw.1 ltqlomal Maimp.-ir headed maikoing' and }moral operations (lomvs, prior to that. hirmer (ocueral fivisagrothatv h Arizona anti Califimli'las VI, tit Cottlist-I for National blvi I hillment Corp.. I if lilt". 111fiversilvi will la 1110 kes , ('01111 lk"XIollmoll Col-11.1,11t. founding lie liold-san 1.1.111min UCIA.Sd mol ol I , Lnv Riding is it tit I A I It, I ;ovs \1 111agc t nd a Miller tit tliv u, liflinlia give ill 1111tisil I'll-Silk-1:9 011110 Io% Atig0c.sAbiat ra Sifes lilt-11111m of llic 01"llip. t I I )M 11%. k 11.11 itt.l. .111d Marketing COmicil, lie isa birvotir of Mir A%mwialioii alid tile 3tidding millis- 111 till' Indlisl n- A%,,tK,ia it I I L' CL"i und Arizona in, Assm lation of Nonlien, C-ifthintia, I Ntildir, 0 till it i;. .11111 Sll.-s. lilt I t iation. Kush is a gradlialv ol,G&Iornhi Itutt il. Slow thfiwi-sily, NorthritlAv (11 A., I )vsigii). m Joc DOW& I'mcident, ANIC Financial. Willi stow than 12 wat-- hanking expo'' C lit. idlT Ol RICOLVer I loines. DJVC-1 ;%,I!s Chiel I oall 01141-rand Ofirt. tor tit &w 1 (1-11 1.111(lSo lit Ir Vice Ior I ' WS Moripige .1 'itillsidary itit Pt-lithlic Federal Savinp.. 9 I IL. is a 6thmu-'('11 the univo-sill. I'l , no )cl)va is a mem1wr (fthe tiongigN. lkinker; Association tit Americ". I - . �• ..mi ... Thy- ••••r�Crh ' � 1 A-M COMPANY FOR-SALL S IJSING AND ;LNCOKE PROPERTY PRO.IBCTS 1Pp�y/r /Mr�� Southern', Call fornia gion Re...moo Hanilton Rinch:`�. , Opi ned in NuveWmr 1984, Hamilton Ranch in a •g e-fam3:1 . detached deverlopasent • of 134 • howes..lticated in the Alta . Loma : -avers of ' Ranchho Cucamonga. Dive • f l"or plans - are fered ranging, from X073 to 1827 square ' "W, ,pf silliny fro $95#009 to $11-31,000. r Crown Pointe s Located on,' m hillside: site Granada Hille, Zrowli Po me is a 28 single-family de ached development which, frill. open fox px sales in April 1986, with the first. hoes bef..ng completed ' in August. There will he three 'floor plena; 2389 to 2771 square feet, with an, average sales , Pride o�l $246,-000:1,Ail resaent' Mi11a s Presa►l6s willbegkja in April 198*6, a*.Crescent :1'1 i ngl'r� �Eeiaily c�e�tacltied project ,localwoad ice; s 31. .unit 1 in,,, Ce:f.y0n,'.co4htry: in the -Santa Cl.arzta, Valley'. ,Furnished �;.•�,,r modeli,wil.i garand,,.open .in July '986.. The, sal.*a,princes 1000 ' will a:" ig '$157 for thram ,`f loar. plans - ra�rginq. iFrom, / •t i6�7• ..aic�uare..f9eet. .. ... .:. �, . •ti...%'.•�t258� ., V3.11a • i�otst lens s i Opened for pre -sales in November '1985, ena . �. .- V ,Mo i• ,: , i a at is a 32-unifi single-family, .'r3etuched, 'pragrA�n :1 � locsate & in '. bjil.and. • Tnroi. floor phan�s Are. *Offered�,'' 1@91 � to '2319:tag �`az�ee fieitr grid the pricer rmngea 'frou :.1 6 '��10 to $170,•000,- 1' Lie r does: The ta�2ae-n, a e.& project in • Cerritos "will , Carstt et . . .6-'sin$lesyfeimily, detached .homes with.. tri's*e•: flodw ' • rsma rauigi'nq fry 2510 tot 2033 agn_a ~.a feet. prsaxIts: will start. in April 19,46 , with'. the salett prices ::angiiaq ,- f rotas $248, 000 to $275, 000. galta'iro6 s Located in� iaguna -Niguel; the 114 duplex -style j = �'talrii hom is in Shear is Laguna Heights Master Plaanerd• ' Caamunity; Mill Akre .priced frog $130 '500 %• o► $169, 500'.Nf�h:. . our ' p1anr ' rangiA9 , from 1011 tb 166gk' esquar� feet. ' presales 4 ' wild stia r' tLn' March 'l98G!.,with ' furnisherd m�od`eis openingin Imay '� •r 1 Rancho s ' s uaelei of•' `the 14� sir91'e-family, Rancho Ujuel 3ies nap armed c6siounitlr: by the 19tii.es corps at on is Aju*l. are 'expected to 'begi.n .i n May ' �:986 .,`.Fours" •." , floor �+xatne: w� l l b� , of f ered from 21 4 0 to 2690 square feet ` ` prli6sd from' $215, 00o to #24S';000. � ,, , 4000, 4nrpui pNrA suit a g�G, r4wpoif Befick 6 lit i�rnld 02660'(714) 8te -7019 i Southern California Region (Cora.) Page 2 Westpark:; ' Located in Irvine's latest master planned community, "W63tpark .;wall consist of 92 single family homan in, OZ--Lot" - 'fornatiani"� Three floor plans will be featured from 1139 to 1695 squmr' a fact. Pricing will range from $137, 000 to $160, fl00., Grand opening is ac"heciuled for September ; 1986. Northern CiAifoania Region lAvey;nass , Village:' Located in San` JLae, Inverness Village In a t-ownh P jalct- of �12 aniis why chl'open%ed in Felbit" I'ry ' 1904,. There are twc Zbo r plans', 11,90 .and 1398 square fee' t• which., sell for. O' .A 000 to $123, 000. The pro jv�.ct will 'close out in sasly NW6. heYiWe of Alasirs .j Located in, the citr of. - Ala e4a, Heritage An a, x -unit a Ong e-fami.lV development with five floor • ph'a'u. ranginq from ' 1027 to' 1642' 'squaxe teest and an erernge sa�l*s price.. of 01+�9,000. The project had its C3xa=sa t)pa;ying - in 'August 2983. r n l�roi�k s i aatod in thee . 'cit of San Jose. ab; a freak is, an 8�uriit single-family. detmbadd' sa le• price of $140 !SOO,,' ' Th-ere• aria tl�ress►• ale '�r�i�t�s 'xs�hging fron :1348 to 1l 4 . iiqua�re� �oot� The.: Wt r�pat le��� tax ' ' ' ps'aaalei ii1''Noviabir 1'43S ,, th e �Cpe"bim Niig se ::�ae�lulead` , for April, lgi6. Chardonria eaf• &&rat 1 a I hoinoi rc�6dule4- �o, be ' fete .�.., , rind ► of '• SAratoga',rri�ll "CO 'iiit of 21 ti�irnhesrsds ia,ii city 'of 'SAra�tci$ai.�?'• !(rg1s Ki 1. ba o Reair",. f risk appzoxi a�eit ly.: T�d:9 . 4 , , 1° feat, The' tc�es•'Will a s-�i ,on, e��ge'.bwt��' ,• :�! of $S300000:" 1'x'�asal fCW aye dhA °_: • eq.iri in Suers 1946 Minh axa dps1*401 dy r. Foxborou h Crossing u, 5e1469:. ion M.04999: JL 9:8-90.0, . tAs ft ragg 0~xQisin� doet toMnhcsei : Jaso M411 :open far' ialee. in jeiiFAS. 1900- W tb: t t�tesherd' .. Vie' o- • Opening is __ r. ' There wi11; be,.; there a 92oor. p3a�oo rengiAq lre•,13e5 to 15Sq agiutara feet. fo-b¢-nasd pro jaczt 4n Sol",ei,t fin, "bad-- ' ' �t 'the► e air a Yalley. -area . of oaae-'will ' ricii�s i t - at . o�► l i eat 23- luxus'�':'.���A9�'� �la�rilY' �Zvts o The e • �► ._ ,1 .. •e f l AlposerAN' *eiy' 4 1 s 7 ,10 0 : ; i, rr ta' solo Tom, 7�1 dare sita'�In Scotts Va ey s+ril�. . a •�ti o 38' 'quiarte�r-Acres lots p1de'- - h •�.Aroa. ' ' bf ites rare cbitsalet9 : far Fall 1986. Finished, to r_iill s�l•T. for y r;, an..avaraos p rice# of 4161, 500. I , WNW 1 I I Arizona Region Page 3 i • � r )!';: 41oiaestead Townhones: Located in Mesa, the 67 townhomes t �, ' offered at Homestead range in size from 005 to 1169 square � feat in three floor plans with vales prices .$64,400 to $77,9D0. Rowntead Patio Homes;.' omes; Priced from $83, 400 to $93,400, Hasestead Pat. os are 1178 to 1603 `square feet in size., There Mile. be'`:a total of 38 patio homes, also laa4ted in Mesa, with three floor plans. Both the townhomes and ratio hoses opened in June 1984, n d q forte:,„ Opezed in April 1984, Bridgeporte ,ii.s a 79'-home s gag • w ly , da . ached 'pro ject lovated in Chax�gldr with five, flolok plains ranging- frog• 1496 to 2721 square feet., ' The sal4a, prices range from $991,900 to $134,900. Crews .low Groans t Ira• Scottsdale#' Canielview Greets is • a t�xury t owe• develoymnt'.of 140 units which operad in OoWber 19e4. The four floor plans range from_ 1100 to 1623 squmire foot and sell for $104, 900 to $138004. Tra des 'Consisting of 130!single--fastily detachs•,J;'haws , -Trallsiae apened-, in 8epteebsr •1994. LocAted in Scottsdale, 'there .are. six, pllans arviilable; • 1496" to 2721: aq xare' feeti r which sell leer '$13�,0Q0 .tits $151,'300.. ,The project will close Ot iri Bebruary- 1986 Tr leidt4tess, Adljagtat to. the Tiailsidedevelopnent, Try tares ••opened in rebraary 1985; ,`W' i1 aonaiit `, of• a-*,t6iia of::-2-7.," Iots• Khieh -ara-.offere+d' •as finished ---lots• - - ',�. or bui•ld rui.t 2'a:49'; 2721 a :'feet hosaess. The wilds , � -,'7 squa�r a price.i' range frc a 0137 900 . to $151, 900 on the single fxuaily homes Cis ,.iiita S41UA' .9*9 ,001,•9.00 to $140. 900, 1the 98y-..unit: Cry t I#U4,hid' oft. lik . ass a . coned 'in November : 1944' Five "• stZOG-fad TVO flocs plus aro olefere i from Ai60 to 7721; Wlliwe toot. • . ' � , .,...�• �... ' rime• •lsa�Yk • is a• •94-unit eia X��-fay •'. l • � , , ► tq �. • There our. !our f 7�aorg 14it�s , 1323 p to 18oot•,' vhioh sell for $81, 900. to $201 400. ' T i4i tea '1 oy�pY-9x. OZr" :' Opened . , io November. 19 8 5 .fo' 'presales � i��: P4bruar.�y• 211 G` t ;.Pick i;nApiradlee valley'•M'ill; oanua'st df, 125: eiegls- aiia'lY. detaohe .. a�ee.' Them will bey fr' -fiLdo lann' ofbskid from lds7' to 2522' • . psquare f ewt. _ The .sales , 1 ;�ritaMs Mill , sango fry $113, 9W to $141, 900,: Grand � Opening 'sch�duY ,for M+rsrbh• 98i.• r 1� f• ,•, ... 1 - - __ -_-- _t-_ __ ___ '� -- - _ L_f�hY.i. A ••Ta .. •hl .lf`•' - AA 1l �.. _-_��•}.� Arizona (Cont,."), P-.age 4 Sinnaker g2 j : Located in the Val Vista Lakes Master Planned Community, Spinnaker Bay will consist of 85 aingle-family homes. The four ; Floor plans will rangy from 1657 io 2258 square feet with prices from $113, 900 to $135, 90a. Preoal.es will. begin , n' February 1986 with furnished models opening in April 19M Hunter's. Green: Pour floor -plans will be offered\.. the 108-'uua t s ng *-family developopnt, Bimtok's Gce=,.. i.n tho Mountainside Waster Planned Casmunity in southern, Phoenix. Piicee will range frost $113,S;00 t o. $135,900''for'1657-,to 2522 square. fee't PreRalee are scheduled.. forhx. F mry 1986 u±it h furnished wAcla opening in April. lisit. club Scot*sddalai'' Designed, by, xaufxan i FMeks, AlA -' Club er�otto3+e acMndtnivaa 'will b9 located iA ,thhs- hriirt of Socttodalie . The 42 two-bodroow stepki A capidos , geared towards active young proforsionals will range , frost '1040 to •1.113 aese gvaro ft In free floor plans. Thu pr"cs. sill .bey from $87p 900 to $90,9i00. The project is scheduled to-Grand in SUAMer 1986. C im lvfaw Cswi'tas: ;xn May?-1986, canst;rUctio ..-will. begin ..- _._ on the - -approx Kte',, '225 att:adhed and detactfsd:' i&Wi. ad jaeent to the to=be reanovated Al adisson Aessort and' Cas611view "Greens La Scottsdale. ,,Tha';O.asftas willJ�tcarzy -an-Ave age sales price of 1115,000. Sarni Barbara .�.�.. • F,airaaya' AtRio Brhvor Located -on--.the Rio, Bravp•'kesort Goli Course .15 Minutes vest of dowhtown BakersfEield7 ,Paixt aye is `a 57�-un1� luuury patio-ho le pro j C& with• 16L fUwX p1*nx' - from. 1620 to 2023 ec�uEira- f$df • 's0lli'ng•, for .01 !rDO to $191', a00 . . Th :project Opened in Koveiikiar 1984.. . sit L.ocOed* in. Samtu. Barbara . ,La CtmbrS';A lh:;b'e *, * n--gMsi�.�r etached '1!exury. l.'S4e;4lsatwith' three f xoor plans rilusl# j. from ld 91 to 2 319 squ e; lit. sales prices "Mill range from $2`/5-, 000.. to $325,-000. • Final sap will be in place the Fall of 1986. . �►-M �uitier _ C luli - Laquna: amazed win LAgiu»a,,` Heath, Clgb ?g• Li�, is a �2 un tr,. ully'�"pped complen on 26. acres ,Mith`,�� �.itensive eports .and' recreation facilit;iaa. $33,50�0 book, roveriva baud ;fi' ' u neirig •for ``the 'developa�ent f � .:t,;b ogi� Citi%;etnk` in Anqust ;'1985 - Grading -laeg� an Jtine''Y85 ` vith +. ,c.�oNiple : n t • p sv dole for 3ut r-:1986 The �ti Pra ject'; is being- held for it veatAint::a rirCigtloB uad c�i�ah ti.`c aad rent u he d • ,� r , , ,r r, r w F�uitiee•ECont.) PA9 a :► A-MPage Santa Suzanna Apartments: Construction will begin in October 1906 on the 10.8 acre, 94-unit apartment project in Simi Valley. Opening of the complex is expected in the Pell of 1987. The project in boing geld for investment appreciation and cash flow. Sundanae Ville s: Located i'n 8acranento, Sundance Village will consist o ' .40 two-story gerden 1 apertments Iocated ill the. Rancho Cordova Arena. Construction- will begin March 1986 and be ready for cccupandi in the first quarter of 19870 8undance Villages is located within ter.) blocks of one sgaazo mile of County agencies and i�dlai teexy West of Mather Air yorca" Vie.. The= project mill be h6ld fer invastm ent appreeiaz-x�ga and cash• flow. `y imberw**d' AAM a Construction began : in •Dec mlber 1985 on, 192 Aparbmul r e. the Derryossa ' area' 6k San Jose. This. project is ooatiquous to over Stonynrook.. programs ( see NorthernCalifornia) . - rinancied through a mortgagee revenue bond inswWoo, this project is being held for long torn investment appreciation and cash f low. ; •, 1 f t j I I ii I .. l: \ 1. I. 1 a Yii• 1a�• , i ,...iV 4=:s •'rl!i I r w -r Ank J r � Q i t-r • t. S \ 1 .w • r •1 r t �. At VV•r ,♦ T r W.. i %aw- Pacific Heritage Lancl & Holding Co The pacific Heritage Lased S Holding Company is comprised of long- time Southern California residents and businessmen who havft proven track records in bringing about suwcessful business and development ventures. The p>r inc; psis involvad' bring to the project considerable financial strength as well as extensive project maraagemant, land acquisition and finance experience. STANLEY M. BLOOM Owner and Director of Randall Food;, Inc. - Los Angeles, California 1RANDALL FOODS Stanley M. iloom is owner and director, cuf Randall Foods, Inc. a Los Angeles based poultry distributor wi: h a gross income of appxoximately $100 million per year, The business was originally established an a: family operated poultry ranch and has become ona of the leading poultry distributors in Southern California: Randal], Farms has created a wide network of distri- bution. with both w3jar Ichains and smaller market'outlets.--- Tne company bas Javeloped ax tray packing operation for it P s own label as well as for other private Label production.` u 1 , y ..,, fuund that he had a flair for land acquisition and for sticcess- fully mooing the potential in u parcel of lane. The same facility for auccess in his brokera9n business follows hi'm isito Real Eatate. His care and enjoyment for working with ttie commutaity in projects which he believes make sense for them and which have a practical feasibility.. is, seen in the history of the projects with which he has been involved. He has a special F cus sand concern for coa,�tline properties and has extensive i .. ,) eN'p irielnce in dealing with the State Coast it Commission. p`p His sxperiancw is seen in the following pro4.acts: I C'nlorado proJact...Pasadens Ir An 80,000 $quay%: foot office building of glass and brick. Though a distinctive structure with O..,1tilceve1 I landscaping, its facades reflect the sky, thus blending the building into the sia,•eironment . ` Cordova b Los Robles...Pasadena oao��a►nw�+- ume - Acros-i from the Hilton motel, th,''.s 190, 000 square foot, a- st�,ory, glass and steal office building enhances the alr*bdy distinctive block. Office O;omplaz ... Yorba 'Linda This 19,500-square foot offices complex was granted a zone change by .the city and -became the first commercial Building in the area. It was developed in a split level design to best utiliie }he site. The Palms ... dlendale A 304-unit, 3-story condominium complex of 2 bedroom �. apartments.has underground parking. Each unit has both afireplace and at balcony. 4.0. w.w Cyprus Cove ... San Clemente 55 acres of guarded community on the Pacific Ocean are divided into 163 custom home a tes. This private, gated community is located on. wnat is considered to be one. of the latt major ocean front properties available for dove l opmon t on the South Coast, Mr.chWartz, though Pacific heritage Land b molding Company, is � curr*ntly purauing saveral . projects which are in various stages of planning.... ..hose pso j ects6 are, as is their specialty, water and view oriented. The projects began with in --house site selection and will be completed after design, development, and sale: Lake Havasu... Arizona Goicig through the approval stages is a 100--room. motel ari 8 acres, planned to provide moderately priced accomodations. There will also be a high -end, RV overnight parking station which can accomodate up to €0 vehicles. Lake Havasu... Arizona On a 2 a; ra •,site, a strip --type shopping center, wh4,ch is much needed in the areas', i s to be erected. Luxury Hotel... Ventura PACIFIC HERITAGE is presently in the process of land ` a'sq*uisitio' n `of a number of water view properties, which when" consolida tad, will become*- - he site for a 300-room E hotel. , � , r •' , • , • ' � _. yr\ h ,4 , , • r • Y � * . _1 • Y I� _ _ 1 — - - • + . t � a � ' .• �•, ' ..fit - .�j • 1'� • v . _ °J, l�. � _♦ + • Tom' •l. {FDA' � A ` _ �'�,. '+1cer3 � qc •+ ,}F�ly�• • ��y{i' � ) » 1.i j,.. ,A.. . i f f y� A.•ly� i i -, A• r,,,.. • Y � . � r••y � � y, t 1L Y •.Rlr�♦I• e - • ) ail • ' _ 1« I. a • Q •1 V1` r i I • • _ t i INTRODUCTION The material presented here is meant to serve as a general description of our organization, experience and services capability. Although we describ-i a. typical full -service approach in the Project Approach section, we are often asked to provide Selected services in response to -specific project or owner requirements. Some projects, for example, require only limited consulting services dsx'ing design. On other projects, we may be asked to provide a full range of construction -phase services. As constru&tion managers/general contractors with design.phase consulting expertise, we are happy to provide our services in ''- any form that ineets the needs of the project. Fees for services are usually based on manhour requirements. We propose compensation for our services either on a manhour rate basis with a not--to-exceed figure when scope is somewhat unknown, or on a .fined fee basis when scope is sufficiently defined so as to allow for an accurate manhour breakdown estimate. As part of..a large, experienced construction oxranzation with a 55--year history of success, .Paramount Construction Manage meet has the staff resources, technical expertise and flexi- bility necessary to respond to any project requirement-. We hope this'•,infor nation will indicate our capabilities and ' Interest in 'provi�dingconsulting services on your Southern C41ifornia building project. NAArOMW *0NR Jt YM wi1MMrOWNW,1W. •'=I A#VM KAM 0" • LOW MCK CA WS zf.-MMiM t• R 0 %� o car COMPANY DESCRIPTION Paramount Construction Management, Inc. is organized to provide construction consulting services on a wide variety.of commercial, industrial, institutional and residential pro- jects throughout the rrn ted States. As wholly -owned subsi- diariss of Paramount Energy, Inc., Paramount Construction Management, Macco Constructors, and Diversified Builderp have built a large variety of structures totalling millions of square feet with an esti-mated value, in todray' s dollars, of .'tnore than $1.5 billion. In the, last several years, Macca has averaged revenues exceeding $1.00 million annually. The range of buildings has been greats: from Disneyland's Space Mountain to America's Space Shuttle facilities, = om office buildings to automated distribution facilities and fio'm shopping malls to research and development laboratories. Paramount's goal. 'is to deliver maximum quality and cost effectiveness by providing construction expertise during .design and then effectively managing the trade contractors 'during construction. .1n . addition to control over factors which affect cost, the ""company has a proven "on -time" record. A major emphasis of management in directed to "'Controlling the complex elements of a construction project. Paramount's experienced manpower is matched t'n the needs of each project and utilizes state -of-- I- ` the -art techno?.a y and equipment. Quality control procedures 1 ensure that the design intent of the architect is faithfully executed and that the requirements of local building codes are strictly.. observed. Management of Macco is headed by William M. McCune, President and Chief Execui ive Officer, and a veteran of 36 years vith the firm. The activities of Paramount Construction Manage- ment' are. managed by Corwin P. Vansant, President, and a pioneer in the field of Construction Management. The management team for each Paramount project is supported by slate--of-the-art Data Processing. Project managers are provided with a :status reports, including estimating, sche- duling, production, cash flow, cost cont*:ol and accounting. Parampun. Construction Management enjoys the considerable staff' a'nd' technical resources of one of the industry's large7, more respected construction organizations. At the same time, however, we are organized to respond to the individual needs of each Owner, large o- small. Each project is a ' poteiitial chat-lenge to our track record of success and, therefore; receives the undivided attention of' everyone ;. involved, including field st:af f . EXPERIENCE in determining contractor qualifications, a review of past experience ,i 4, a fundamental. issue. Over a 54-year history of Providing total construction services, MAcco has completed examples of nearly every muJor project type. Diversified Builders, with 40-years of experience, has completed mz.ny commercial, institutional, and industrial buildings for public, and privy --e--sect,)r clients. But an evaluation of experience must: also be viewed in terms of scope and quality r of the service performed. Many of our past projects have involved participation in the development -of site and feasibility studies, lender packages, r costs and scheduling input prior to design, and constructabil- ity reviews during the design phase. Macco has often performed construction tinder "fast -track" conditil:$Y>_i, requiring tight scheduling, early procurement and careful coordination of site work while building design is still in progress. Flexibility and a high degree of technical expertise have played a major role in ovr,'past performance. Our track record is a product of over the years, the Macco organization has provided 'services to many hi'Jh.ly-respected owners and developers, As an indication 'of the credibility we have developed along the way, falkowinq Is a,` represeitative list ,of past clients and business references. s t , OUR CLIENTS over the years, the subsidiaries of Paramount Energy have - provided construction services on a wide range of projects for both, public and private -sector clie;lts. lie are proud of 4 our past and of the long list '%.,L sz .isfied clicnts we have developed along the way. Following is a representative list of past oli.ents . Aerolat General Corporation McConnell Douglao Corporation Air Producto.,Inc. Minnesota Mining & Manufacturing Allied Chamicdl National Aeronautics G Space AAministr■tlon Aluivinum Company o? America National Bank of Corr.-horce A.aaca Chemicals National City Davalopmsnt Company Arcon Pacific. Inc. National Ganoral Corporation California Itrsticute or Tachnoingy r Northrop Corporation Cellfornle Olympics Orgoniring Camnitten Northwest National usib Callfornle. state ar Nuclear Regulatory Comralssian C+rrnatLon Company Pacific Telephone Company Cartar-Hawley Hal+ Starae Prudential Insurance Company Continar:al Bervlcet Company Rockwell International Delta Alriinee Safavey shares. !no. olsnej, Malt Productions Son Prencleco. City G Councy or Exxon Chemical Company Qsair. Inc. ',.Federal Avlatian Adntiniatretlon Sears. `Roebuck G Uouprny . µ Fiberboard Paper Products Shell Dowelopmenc Company 1 Firestone Tire G Rubber Company Shell Oi', Company First City Nstiilnel Bank Southern California Edipeon Ford Motor Cam,.'sny Southern Callrornla Rapid Transit District (Isnorel Dynamics southwestern Bell Telephone General Electric Company StandarrJ 011 Company General Motors Corporation State Savings F Loan Gensrcl Services Administration Sunkist Growers. Inc. General Telephone Company. Texaco. Itfc. Hines. ^ereld'D. Intarests r Todd-Ilaclflc Shipyard Corporazlan Gaouyner Tire G Rubber Trent World Airlines 01GE Data Bervicav Tranenational Insurance Compvey Horeb Savings G Loan Association TRW. Inc. flat Intsenstlonal. Inc. U. S. Air Fovea Hughas Aircraft Company U. S. Array Hunt -Wasson Foods U. S. Morine'Corps IDEV PanJlon Trust Fund U. S. Navy - Irvine Company. The U. S. Postal Service Lockherad-Cali turn in Company Union Pacirlc Railroad Company Los Angeles Federal Savings G Loan United airlines Los Angolas. Councy or United Resort Hotels N.C.A.. Inc. University of Southern California Magnin., Joseph Company, Inc. Volkswagen Pacific. Inc. i Marriott Corporation 1+erner•lanroar ' Martin Marlrtta Corporation Western Electric fsampeny May $tome, Inc. Waetinghouse Electric Company (l Y Msye�. Osear'Fonds L'ow+piny ' World Savings G Loan Association ,( M11�1i01M�t f101�161Ialfr'f10111 Y/iNM iT. WX • Val ^rail' AZA 0" • LCM S&KA CA =15. 2*4w flol BUSINESS REFERENCES i .71.uditorz : KENNETH LEV'ENTii, L & CO&H PANY Certified Public Accountants f.. 2049 Century Park East Los Angeles, California 93067 Michael Wecker, Account Execut.a.ve (213) 277-0880 Surety: UNITED PACIFIC INSURANCE COMPANY c/o Surety Agent Surety Agent: CORRQON & BLACK INSURANCE SERVICES 70 80. Lake Avenue Pasadena, California 91101 Douglas K. Judson, Vice President 2.1 1) 796-3088 Bank: BANK OF AMERICA 11021 La Reina Downey, California 90241 James F. Mastrogany, Vice President (213) 362--233.1 Insurance: BAYLY, MARTIN & FAY, INC. 3200 Wilshire Boulevard Los Angeles, California 90010 William E. Murphy, Vice President (213) 736-9635 Legal: ATKYNSON, ANDELSaN, LOYA, RL'UD & ROMO ' .911, Studebaker .Road, C,ite 250 Long Beach,- Ca'.'.�fornia 90815 ;,,Steven D. Atkinson', Partner (213) 493--3571 !' �lAIrM�1011Nfi CiQM� r1MJC'1IOli Mmwprl'mT. imm IWI IMC11r1' RADA WM + IIG 4 M1. CA 1=15 213-OHM t ' I GENERAL DESCRIPTION Parlmount's approach to each project is based on responsiven-se!, to the Owner's needs and to the project itself. We structure our services aecordi.ng to the size and nature of the project, scope 'of work and contractual relationship appropriate to our clients. On many occus'ions, we provide our services under a CM agkeement, functioning as an "agent" of the. -Owner dnring the design and construction phases of a project. -At other time-., we a^t as CM during design and tntin, similar to a general contractor, manage the actual construction under a f ixedr-fee ugreement . We can e.,.ther manage to'a budget (as is sometimes required under fast - track conditions) or provide a GMP.• In most cases, we compe- titively bid the work to pre -qualified trade contractors and provide., appropriate on -Fite staff to manage their work. The level of flexibility we employ offers a way of matching staff resources to the requirements of the work. Following' is a description of typical design and construction phase services. 9 S M 1 1. a i DESIGN � IIASE SMAVICES During design, members of Paramount' s Staff will, support the ;.f f o_-ts of the Architect by providing recommend;.iti ins on con- struction feasibility; availability of labor and materials; time requirements for installation and construction; Factors related to costs,,, including costs of alternate designs or materials; preliminary budgets, and possible cost savings. Critical areas which much be addressed include the following: Schedule Control In' the construction-.nduatry, tire is money. Every day that can be cut from a constructicn schedule represents saving:. Effec- tive schedule control can also reduce project costs by sat►ing interest on construction funds. Early delivery of a new office builcing also represents a potential acceleration of .lease revenue. During design, we work cl'Osely with the Architect to develop. a project schedule that integrates all oft -site and off --site activities. The schedule will be monitored and refined and, during constructx.on, periodic schedule reports will show the status of construction and estimated completion dates of each activity. Where possiblet we will integrate various sequential activities to reduce time and expedite delivery of materials according to accelerated needs. Paramount I s staff includes a group .oi - scheduling specialists with years of experience in the building industry. We will draw upon ~heir experience before and during construction. i Cost Control i Du.rina design, we provide the Architect with systems and matey-• i ial costs to ensure that the design effort always proceeds within the parameters of the project budget. A Preliminary Estimate, detailed by categories of work, will be prepared: at the end of Schematic Design. This estimate begins the cost containment process and will become the benchmark from which costs will be monitored trroughout the design phase. The budget_ will be updated, refined and presented for approval I DESIGN PHASE SERVICES (continued) Quality Control Over a. 50-year hiotory, Macco Constructors has completed examples of nearly every major building type, including many commercial office buildings. in the process, we have developed a r_putation for quality, and work hard during each project to maintain that reputation. Controlling quality during construction requires a clear understanding of standards, careful mcnitoring of workmanship and a close working relationship with both Owner and Architect to insure that the f in.ished product is ccnsvistent with contract specifications and design intent. As a Construction Man&ger, we monitor the work of the various contractors with try: critical eye of an Caner. We know what quality workmanship looYj like and, how to make sure it happens. Value Engineering During the design development process, %,ve provide input to the Architect concerning conntructability and cost savings. We Will analyze cost benefit: factors for the type of construction, con- struction materials, and type of equipment, that has been speci- fied, and conduct a survey'of alternate syst6ms for various components of the building. Coordination of Contract Documents All contract documents will be reviewed with the Architect on a continual basis. Alternate solutions or recommendations gill be developed for those details which affect construction f ea3ibil-- ity, scheduling, cost,and material availability. .Subcontractor and Material Biddi n D`�trinq design membars of our prcjact- mana;rement team will assist the Architect in developing bid packages and documenta - tionfor subcontractor bibs. The separation of the work into various contracts is based on a survey of schedules, 'cost situdies,and bid evaluations. The 'solicitatio'i(i and pregUalification of trade cont=actors will commence `as soon as possible ''to insure maximum competition among ,; 'icfne most qua.l.if iee farms in the area. - ' PPAN 1 XW 030MINXIQM M AMOMM. W. 9Mt MWM KAZA raV • UNQ BEACK to BMIJ V3 4"gn ' M nUSIGN PHASE SERVICES (continued) Recommendations concerning purchase of long -lead items or special materials will be made to insure availability, delivery consistent with schedule requirements, and cost savings where available. We wi.l ,,' review all bids as they are received, compare them aghinst�." the final estimate, and make recommendations for awardA. L 1 CONSTRUCTION! SERVICES As' a CMParamount will manage the construction of the project, performing all of the services necessary to deliver the buil- ding on time and within budget. Our services will include many activities not norraally provided by a General dontractox. Eol lowing is an outline of the cervices .,our CH approach typically include€. Project Control: Coordinate the'.' work of Oe Contractors Provide sufficient onmsita staff Schedule and conduct pre -construction and progress meetings Schedule Control: Provide detailed schedule:: .Realistic activity sequences and durations Allocation of labor and materials Processing -of shop drawings and Ramples Delivery of loiig-lead items Occupancy requirements Provide regular monitoring of schedule: identify schedule variances Recommend schedule: adjus.t-.ments Provide suximasy report of:' each monitoring Document all changes in -schedule Recommend action relative ;,to Contract non --performance Cost Control: Provide reg'alar monitoring/updating pi construction •c:ost : • , Incorporate approved c Develop cash flow,andf orecxst report' s , Shaw actual. and estimated cost: Identify variances between actual and estimated Arrange fur maintenance of cost accounting records i V�r j )NSTRUCTION SERVICES (continued) Develop/Implament procedure for review/processing of Contractor's Request for Progress and Final Payments Recommend to Architect cer :ifiloat:ion for payment sermi is and Feeeeu t -Assist in obtaining certain building/special permits Verify payment of applicable fees and assessments Assist In obtaining approvals from authorities having jurisdiation w.ner' s Consultants: Assist owner in selecting and retaining professional consultant services; coordinate those services actions Inspect work for compliance with contract document requirements' : Guard Owner against defects/deficiencies . Issue stop order/require special instruction if work isriot•. in accordance with contract documents Rai ject work which does not meet requirements ,:ontract Performance: Cruz ult with Architect/Owner on requFstea interprP- - tition of Drawings and Specifications-, As5i4t. ,in resolution of questions chop raiwfngs And Samples; 'Stith ';hrchitact, establish/implement procedures for of shop dtawf iqsex *diting and proceasir9/ap roaal ,; an i.sampies M DIVERSiFiED _A QIVISICN OF MACCO CONSTRUCTORS. INC. T' w f'1 A Hfrkag* Of Rellabl* Porftrmance Diversl fled Builders, a division a( Macco Coat uvctors, Inc,. has built a wide variety of struct>unrs totaling rnl#kwu of square feet of floor space with an estimated value, in terms of today's dollars, of more d'taxt S 1.5 Millom In the last several years, Mxco has averaged revenues cxcee(%ng $1 d0 million annually. Projects The rarVe of buildings has been great. from Disneyland's Space Mountain to facilities for America's Space Shuttle for Rockwell International Corporation, from office auildings to wtomated distribution facIliUes and from stropping stalls w rtsca" and development Iaboratorles. A selection of representative buildings .own on the ktsde pages Recent 'Tommction•attiviry Includes a joint - venture project for Prtrdendal Insurance Comp" of America. the Caljforrda Vleteraris' Memorial Building, an expansion of bile Valley Presbyterian Hospital. and prvjecm for Todd -Pacific Shipyards Cop"dart San 0-roke Nuclear Cierwating Statia-, 3M CWparta►, Anaconda Industries, Locidtetd-California Company, MCDonrMl L?"$n Corporato't Vtarner Lambert, Oscar Mayer Foods Cornpanq. Los Argeles Federal Savings and lean fit. Chain* ftM* inn, TRW Uefertise and Spice Syste n and others Lary*xlrnr Celeste ftowrous km forvWwrn Dhtysllied BuNder s vvvrked In Its ready years corAlma ascfefKt; hider tg L ddteed-Csotomla Cea.rr{t�arry, Souttrerm Caif�rla Gas Car*&% Ger%v* Tekp Px Carrrpany of Caflor►ilk Goneral Mown Corporation;, *Uhern CallfdOnla Edison Cctirrtp ny, and IriAak"nes D&4as awporaaidn Olvers led 9ui xn engages in A prv9es of building torutrUC00A. It has etetrtilir� experi�rrtce in cortrucdnc hl flh r--% Medcat, aerosp"': industrial, ..i resider". and Iced tl ugrlt" ate l klfted The contparty sa goof is to provide Its tdierns with the maxlmwn quality and cost effectiveness In their bulleling projects as well as to assist them with special consumdon needs. On -time Completion The company has a proven "on -date" record. A major emphasis of management Is directed to controlling the Increasingly complex elements of a connwalon project. Diversified U(Jers' experienced manpower is matched to the needs of the job and utilizes state-of-the-art technology ,end equipment. Quality control assures that the intent of the architect and his consultants is faithfully exearted and local building codes are observed. Management of % ,rrsified Builders is headed by WHIlam M. lMcCune, president and chief emAve offIc Y of Macco Constructors. Inc., founded in 1929. He. Is a veteran of3Syears withthe Arm. Ac:# itles of Diversified Builders are headed by three vke presidents: John E. Anereassen, J. William Taylor area 13aAe It Coleman. W1ltfaei AIL A&Cur e,<... ftv9dmt &W Chlef :detective O te:er Alaoco Corest>Wi.;% Inc. Corporaotte Support The management team for each project of Diversified Bu'ldm Is supplemented by In -Wise dcparwwnts of RMacco In three areas: Data Nocesslnq-.The fully staffed department has its overt ln4xxm IBM System 34 Computer and provides tlW management team of each project with a variety of reports, k"aing estimating. scheduling, production, cash flow, cost control and accounting. Safety —The Safety DepirtmentstafI works closely wiU, the project management team to effect the highest standards of safety on each jobsite. Macco's safety record has enabled it to obtain authod"dor from the State or California to beself•Insured for Workers' Compensation Insurance. Labor Relations—Macco is signatory to the Southern California Building Trades wage agreements and uses the services of a labor relations consulting firm on a continuing basis to assist top management and project teams In dx4r day -to -lay advides Invo" the various bUlding crafts. In September of 1981. the corporate name ofZapata Constructors, Inc was changed to Mauro Constructors, Inc, and Its Zapata t7iivotr31ffed Builders Division become Okerslfkd SWIders. ne changes restored to Ma= the name It Md o an'frd for several decades prior w afAlation wide Vie Zapaa Inters. DWerilfied 9tdklm Is a name hymn with WaVftarW qaftyIn six corntrucdprt k4my. We are eager to serve you and we Irmo your inquiry. fh'str hrrthefr hMelrr NO m. lr!sase ce wear D1ve Ak-d Builders 14409 S. Par>drn m t Bouk%wd Paramoum California 90723 Teleph" 1213) 633-0161 Aerospace NAM Space Shutt#* Orbiter Facility, Palmdale, Califomla for Rockwell International Corporation: Building and assemtrly lines for America's Space Shuttle. Ardmect: A&W C Martin b Assmue3 Health Care Pacific Horpital of Long Brach, California: Coronary and Intensive Care units. ,,,,,,,�,,,�,� 1111111��i1�1� C��C �111►r Arcratea- t?�"nnt E Berm A AS%X-12tpS Industriat Sears, Roebuck 6 Co., Los Angeles: I,500.00O square -foot automated tfistnbution facility. I 9 • Yi Hotel Marriott Hotel, Ariahelm, Califomia: Concrete frame for a luxury hotel located in the population center of Southern California. M �j Xfws I Retail °mbr& Gam' nrcmetu Broadway Die:partnient Stops, Fashion Wand, Newport Beach, Callforr.;.,: 180,000 square -foot store 'n style -oriented shopping mall. Architect: Luckur.-in Parmersnip. Inc Interior Detail Rockwell Federal Credit Union, Downey. California: Headquarters offices, central atrium area Institutional 5racs salvatarl Hell of Letter& Arft a Sciences, of 5aiftm California, Los Angeles: i million cuttural and le3ming center. ( High -Tech ch Center, Sunkist Growers. Inc.. Ontario. California. 54 million complex. i Mrn:rect AWMI t Hugh GibbS & Doruild G�bbS & Kcrroetn 5 Hugh A lorx Venture Nctw(ea. Lwrj0)i d Mian. AtiMeas Utilities d Office Building California Veterans' Memorial State Office Building, Long Beach: S 13 million, 160,000 square foot office building to house 520 state employees. W Office Building Prudential Insurance Company of America, ! os Mgeles International Nrport: Joint -venture project of 1,700,000 square feet In twin towers and parking structure. Southern Califcirnia Gas Company, Ccrnptcn, California: Soutthem Division Headquarters Building. r- Partial list of Clients Served by Dlverslfleo Builders International Business Machines AcroJet General Corpora don The Irvirx: Company ?Junin imn Company of America Los Arxy.,les Federal Savings Alpha Beta Markets & Loan AwWation American Medkal Buildings Lockheed -California Company Fonda Industries Martin Marietta Corporation Car ter Hawley -Hale Stores, Inc. 1 May Department Stores California Institute of Technology. M.C& Inc. Jet Propulsion Laboratories McDonnell Douglas Corporation Carnation Company 3M Company Champlin Petroleum. Oscar Mayer Foods Company %Valt Disney Productions Pacific Telephone & Telegraph Co. Ford Motor Company Safeway Stores, Incorporated General Dynamics. Corporation South:m Califomia Edison Company General Insurance Company of America Slerracin corporation ._ General Motor. Corporation Standard Oil Co. of California General Telephone Company of California Todd -Pacific Shipyards Corporation Gerald D. Mines Inr.erests TRW Defense & Space Systerns Home Savings and- loan association Trans -World airlines, Inc. Hunt -Wesson Foods, Inc. Warner Lambert Macco Constrwtom Inc is a broadly based cons' 6uction corporatlon operating through die following divisions: Diversified Suiiders, Pipeline and Underground Utilities Construction, Pile OrNing, and Oilfield Services. CaUfomia Contractor's lkense Number 259619 A & B L It. . / 1 . , NEGOTIATION AGREEMENT HUNTINGTON BEACH REDEVELOPMENT AGENCY ("Agern'and A-M Company, a California Limitod Partnership ("A.M.'; and Pacific Heritage, a California Corporation, Dorothy L. Terry, Ann Mace, Cary V. Mulligan, Stephen Fithian, Eldon if. Bagstad, , Anna L. Baxter, Ahmad 11amed Abdalmitti, Eleanor J. Draper, Carlow Costa and Richard Schwartz("owner Participants") (collectively "Developer")., enter into this Agreement on the terms and provisions act forth below. R E C I 'T A L S: 1. The Agency is in the proceas of, implementing the Main Pier Redevelopment Plan for Main Pier Phase II. 2. The Agency has solicited proposals for a certain ortion of the Main Pier Redevelopment Project Area (the 'Project Area") located at the north east corner of Pacific Coast Highway and Main Street, which portion is the "Site", as hereafter described. 3. Based partly upon its pro,pas,al as submitted (the "proposal", which is Attached hereto an Attachment No. l and incorporated herein), (the "Developer,") ham been designated as the party with which the Agency will negotiate concerning the redevelopment of the Site. 4. The partic:S hereto acicnowler ge that the economic feasibility of proposed de:velopmAnt has not yet been determined to the satisfaction of either party and, in particular, the question of rehabilitating the retail shops on Main Street or demolishing and reconstructing came:. THE AGENCY AND THE DEVELWER HEREBY AGREE AS FOLLOWS: I, (Section 100) Negc+tiati6n. A. (Section 101) Good Faith Nesgotiationo. The Agency and the ,Developer agree for the period set forth below to negotiate in good faith to prepare an OPA or disposition and 'development agreement to be entered into between the Agency and the Developer concerning the "Site", which is that certain property in. the Project Area in the City of Huntington Beach, shown gentra.11y'on the map attached hereto. as Attachment No. 2, which is ,incorporated herein. The Agency agrees (for the,pesriod set forth below and provided that thin Agreement remains. .in effect); iiot to sinter into A dispossition and development agreement with any other person or entity; ragardinq the Site'withrut'the consent of Developer. The foragoinq- shall not, be o'.emed .to prevent the Agency from furrii.s ping tfi anyone pub i ic, records pertaining to the Main Pior. The Daveloper further ncknowledgea that its rights here under ar.e. subject to tits Agency's rules for owner, participation. The obligt.tior. to nesgatia.tei in good 'faith regrai revs that Developer communlcate w! th Agency with respect, to those issues for which' Agreement has not been reached, an%: in such communicaf_ian follow reasonable negotiation procedures including meetings, telephone conversations and correspondence. It is understood by the parties that final accord on thona issuee may not be reached. B. (Section 102) Required Actions. (1) Within thirty (30) dftya from the date of this Agreement, Developer eha.11 submit to the Agency a 1 - f. : 1'r r r�� detailed narrative description of the general scope of development proposed (the "Development Concept"). The Development Concept rhall includes (n) a detailed statement of land use/unit mix and preliminary s,te plans And elevations, and tenants from Whom signed letters of interest and/or participation have bean obtained. (b) estimate of development costs and operating revenue, and equity requirement. (c) key assunptions as to economic feasibility, such as development timing, and any commitments expected from the Agency. (d) a detailed analysis of rehabilitation se contrasted to new conestruction. ",(e) the proposed ucheduling of the proposed development.. ('f) the,proposed source and method of financing. (g; detailed biographical and background deocript-ion oiF the Developer (And 'all principals in the proposed development entity), including such mattere as (i) prior record with respect to the completion of projects, particularly Viose of a scale comparable to that proposed herein; and (ii) record of timely performance..rof,ecting minimal litigation and/or disputes con .erning the payment of j oirat venturera, contractors, suppliers, or taxing authorities. It is understood that the Agency may :.alte apprcprieate :ateF-i,,tn verify such matters, and the Developer agreen to cooperate to furnishing such Information to the Agency; Ah) identity ,and audited financial statements for guarantors (the Developer acknowledges that personal guarantees (or such oth-.r ansurances as the Agency may require) shall be required with respect to obligations of the Developer ir. the event the Developer does business in a corporate or partners:aip form) (i) prcposal for site asisembly specifying the amount of Developer's funds available for ..:acquisition. The Developer acknowledge9'that Ageiacy ,fiends -may not be available for ncqu.isilion and that mn ` advance of funds by the Developer to assemble the Site (including acquisition of interests in property and any relocation assistance) -will be required. a duly executed written agveemant 'among the hwr►er Partii:`Lpante and the A.M. setting forth the rights and`obligations of each party. The Agency shall, review the. Devulopinent Concept and may eithat approve it; request modifications or reject it. If they development concept is rejected, thm Agency shall 1' providea lion of, deficiencies to the Developer, and :f these doficienciew are not corrected to the satief'saction of th.e Agency, within 20 da z of viuch. rejection, ,this Agreement' sha11, ` auitomaticmlly terminate unless it is extended by the mutual agreement: of the -Agency and Developer. T'he Development Concept shall bo 'cuneirstent with the Proposal ' p '-.ttachment No. 1) . 7346p/7460/04 -2- (2) If the Agency approves the Development Concept, then, on or before May 19, 1966, the Agency --and Developer shall enter into a memorandum of understanding describing the business terms ("MOU") Around which a Disposition and Development Agreement (DDA) would be negotiated with respect to the development (the "Development"). During this period, Developer shall prepare and submit an architectural concept of the proposed Development. If a MOU has ..not been entered into on or before May 19, 1996, this Agreement shall be automatically terminated unless extended by mutual agreement of the Agency and Developer. when the MOU is signed, It shall supersede this Negotiation Agreement, except for the provisions of Section 103 hereof. (3) In the+ event that an MOU is approved by the parties on or before May 19, 1986 thin Agreement shall terminate and the MOU shall continue regarding the time from within which to negotiate and execute a Disposition and Dc�!elopment Agreement-. C. (Section 103) Deposit. Developer herewith submits to the Agency as a deposit the cash sum of twenty £'.ve thousand dollars ($2.5,000) In the form of a cashier's or certified check payable to the Agency (the "Deposit"). The Agency shall have no obligation to earn interest on the Deposit. Any interest earned and remaining upon expiration or terminstion of thin Agreement shall be allocated to the parry entitled to such remaining ' portion of the Deposit. The Agency shall be entitled to expend any portion of the Deposit (and any Interest earned thereon) for the purposes of implemei,ting this Agreement, including, without limitation, payment of costs incurred by the Agency for staff time, feasibility studies, and legal fees related to the negotiation and preparation of a DDA (the "Agency Costa"). The Agency shall have no obligation to return or refund to the Developer any part of the Deposit so expended. The Agency estimates the following costs associated with this Agreement: Legal F@OB S 5,000.00 Staff $10,000.00 Land Economist $10,000.00 The Deposit is additionally made to ensure that Developer will negotiate in good faith w1 th the Agency. When this Agreement terminates or when the Agency and Developer enter into a DDA, then the Agency shall return the Deposit, leas the Agency Costs, unless the Developer has not negotiated in good faith, in which event the Agency shall retain all of the Deposit not earlier expended. The Deposit is additionally made to ensure .that. Developer will negotiate in good faith with the Agency. If the Developer has not negotiated in good faith, the Agency shall retain all of the Deposit as liquidated damages for Developer's breath hereunder. �pagree The that in the event this Y Agreement is terminated based upon default by the Developer, the -Agency. will sustain damages, includingthose attendant upon • the postponement or Loss of redevelopment of the Site. The „ parties agree that it would be impractical or extremely difficult to fix actual damagea in such event, that the deposit is a reasonable estirti to of.the damages that would to austnined by the Agency, In ouch event, and that the ,Agency may An such event return the Deposit as liquidated damages. j' 1 1 . ti In the event the foreUoing liquidated damage provision In deemed unenforceable, the Agency shall be entitled to such damwgea a■ May be shown to be available at low. I1. (Section 200) 4ental, Purchase PLice and other Consideration. The rental, purchm se prier, and/or other consideration to be paid by the Developer under the DDA will be established between the parties during negot-intionri, such rental, purchase price and/or other consideration will be based upon such factors as market conditions, donsity ot develupment•, costs of development, riskn of Developer, ostimated or actual Developer profit, estimated or actual salon prices and/or rentals, public purpose, and/or fair value for the uses permitted to be developed. III. (Section 30U) Plincellaneoua. AI (Section 301) Developer's Findings, Determinations, --Studi erg and Reports. From time to time as requeatod by the Agency, Developer agrees to make weekly oral programs reports and monthly written reports to the Enecuti.ve Director of the Agency advicing the Agency on all matters and 911 studiee being made. If the negotiations do not result in ca DDA, Developer will submit to the Agency Developer'n findings and determinations regarding the proposed develcpment, and copies of all studies and reports made by Develc•:er specifically for this proposed Development rco the extent not containing confidential information;,,provided, however, that all ouch findings, determinations, studies and reports, will be furnished without varranty of any kind, and P,gency agrees to hold Developer harmless with respect to any use by Agency of nuch infoL-mntion. B. (Section 302) State environmental uali_�Act. The Agency'msy require the Developer to supply data and information both to determine the impact of the development on the environment and to assist in the preparation of any necessary environmental impact reports or supplements to the environmental impact reports. C. (Section 303) Termination. In addition to its right to terminate this Agreement forthwith in the event the Developer fails to take any action required pursuant to Section 102 of this Agreement by the time specified therein, the Agency E111111, at its optiCA terminate this Agreement in the event it determines that the Developer is failing to proceed in good faith tL, ditschnrge its obligations under this. Agreement; provided that prior to terminating,this Agreement on ground7 that the Developer is not proceeding in good faith, the Agency shall provide notice to the Developeer ;of, its intention to terminate, and shall provide 1' the Developer with a reasonable, time (o'r not leas than ten (20) days and" not more than tweinty (20) days) to cure such failure. Upon explration''of such cure period, tie Agency nay terminate : this Agreement. ` - The Developer may terminate this,Agreement by givihq, ten (10) days' written notice to the Agency; in such avant;' the unexpended portion of the De;-,osit shall -be retained If the Agency reasonably determines, that the Developer hba''not; ` negotiated in good faith, and shn11 otherwise be promptly returned. 7346p/7460./09 -4- ' 4 `ir"'" " �- i J 1 ,'�I, ,li. ,):� `� •' � ' 1, 1% 7) , r'���i� 1,`"4it' 4 J' r ;, (1 �� r +, {,`Y_. , .,,- � - '�1 - t ,,1• t^`, /, ^, , , � � j�, , ti r Thin greiment{ .hall automatically term A matt' on May'-' i9, 1086, -unload rooher �terPinated. .` (Section 305) llesiQnMeit ' shill' not b*''sisigned by thi mon,This Agri* diVelopir wi th6ut 'prior writteri' 'approval of'•the Agtucy, which «� , r i the Agency shill . grant or refuse at ifta eo1• di 'Cration. , 0 a. 11' I (Sectiari 4 0)� � eai ',P,•,�ovi"soon ,` A' (Saction 401)Redivilopment 'Pro adt tinancina• .. ,J• j• f 'i7 {' t', ,, ` i5,' ,, fRie finiincI'' oUthe.RAdevelapmi>tit:lFrojest;is �.'bein ind wilh be actors lished riiiiaril "b means'. -,of property' Ir . : tik increiRsnt'. by deVeloppmahta;:which produGa 'an 'Anti case in property! tax' aasepaed�_vwa,uati'ans. n, . to In, addition, with mutual i s ty Mgroenwat of. ,the Agoac'j +end thr.! tavaloper, ; bther' methods ''of ; jar' r i. ► Aghcy linancinq ;iaay be -used 'ant! :ehail be set, forth 'in. any , t -• ,�Dq�e+m:n{h'�Aganc ' raigatheVrelsti'va�firci'alhandth�r'. tarma ofthe }i ;! Y p q , thet :' es,;have not yet been determin4d. includi 1 , Contributions -Of 'thy parti ,,`; (Sottish 402) Ayency Assistance :an +. r ` Coope'ration The Agency 'shai] coapiersts''fully inT•'providinq , beveloper,w►,ith''aipproprint'e:. infF 'rmaation'and assistance;,,,provided } • that t*he', hyiancy oha.l1' not be obligated to incur coarse; therefor. } C.' (Section 403) Adency Public Heaeinng:q. � Any DDA tsntesed into hereundor shsil be 'atibje61 to,,_th'C_ aquireffi ent- thii L`'einy prcpowod .di spoaition and' Bali of lirnd'e�hall n;o'be'.autlioicixed utitil'it'hse'bc'en conil,dared`and t`• 2��1, "• } ,r approved; by -tha' Agency and, City' Cou:icil a£tar"public',heFiicing' is r'` ,' ' '•r ! 'r, .requirf�'by;+la�r I , t �, r `';; D. (3ection''4c�4) Real' stata' Commi s Iairia: ' +, , T'Agency, Ahall," not, be liabld,:for "any;,'realr. estate. �,` r camtniM� OR; or bka} 6r+igaJo :;fties'"which -'may - aii:se' therefrom. The ' �lgincy,,reprssentei;,that` it hi■;emgaged rno broker, 'agent.ar. . I li'tidwr in canneiotiotit;wi'th this :transaction :,soot; the Developer ' "t agriees: to�hbld' the `Agency''Harmless- from"any claim by,.any birvkir;'r;agent or finder retalnid by•,the Dd.velopar. `(Secti6n''40!5) i Preen:'l1clasi +. ,', ;•�. f,�,..a`ll !'•;', ,�',`r, ,' ' ' :'f,;,t '.' `,+The'''i7d�iloFer.'a7reea' to+,diricuas rbldeeae with a :desii�iated 'Agency zap..!�nentat`iva prior. to r>, i u he " i - di•'scltisuire n; order , o` atio re, accuracy, ands cAnei.etency t " infor ation.' } 1 J ,r! ?(Scctib>w 406j :�tindiscziminalan. ' ..• i ' r t %, '' it expect .,to ;baweJ,apera obligation end1pesrformance' e in any. matter hn th baxi.s PfDraee�pareoa"1color,di li'gi natgl r+1 'Y `• �� o `'� � re].i' ion gender, marital, , Y�+ �' sitatus, national` origin or a�icea ry. 1 ,y„ ' '.ti J• r>� G. ('Se!ction 407 ), Notice, ,• . �V A11 'notLCee given oL !-' equi red to be given ' 'h'ereunder'+shall be 1h"suiting and addreased''to the partie's ae ;.set out below' or`'to such',other addreas ,, as may be noticed under end pursuant to'thia parA9raph. Any such'notice,ehall be considered sefriid'when'actually received by the party intended, { 7346p/746C/09 1 .(i ~��`. ,• '' J%r j1 ..�1 � } YR7mF'ir'�+ •, ��.J Y 1 1, fj � I t:� y 1 i ►.�1 � . � is �/, i�� JT + .1 =1 ` 1. 'r± 1. l' 1 ,+ '(� - .. , `; •'� it whither-_. person�.11y_ s�erVad or sent', postage prepaid by .registered '. -:- ,, 1 ,.. yi ;� '.. or certified A11','return receipt requested. `. _ '..t..' ,' ►r. , ,A pencys 6itecutive Dir*ctor 1 , s�City gton Beach' n Red evelopnientAgencyeM + 2000.�Main Street Huntington beech, Cr 92648 " peve18pere Company, A Ceslifori�ia ,A-M. par mited tnerahi Limited i 125 fast,\Y ctoria treat Santa Barbara, CA 93101 ; H. !(Cection 408) Other Agreements; •' a Agreemnr c +►&Upersedem anyr previous agreement ,Xhi entered''into''between the Developer and the Agency with respect .to the sits. 1. '.'(Section 409) Werrinty of .Sighator. J'• I.T'he atgnat'ories to this Agreement repre$azit``and warraa;t that they have'the' authority 'to execute, .this .Agreement , ' ' `p,�ry, �*� �, a' 1 t r•� �� Sr y �i���� ,i �7y67. N'6 , 1 ' (1 J:i .b1� ,..t..,w LA w V'.: ..•ram ..'w�,M•f •..•.... .w1. '. ..., �: -� .ter . •. -.. •.1 - • .� ,. _ .. r �, .. /'J , •. , r� vk OWNER PAl T161PANTS , Data •r: .y , : Inn mass Deter r ., Cary V.Mu 1igan rL ,'• Date Stephen Bit ian , �. ..,.. Cl don W . Sagatad Date � 4' i► .nna L. Baxter ' Dati Ahmad Harmed Abdelmutl ,+ .,1, ' • '�, acts •, 1 f . Blea�rlor drap . 1 Dote 1 Carlos cobsoeir ,1 Date Rlcha► d rchwmrtz 'PACIFIC H�,UTAOE, , A Califor»aR Corporat,,'I i .Its, By: ,. 1 Ita ; • HUNT I NOTOW BEACH REDEVELOPMENT AGENCY ;t Chairman,, :. 7346p/7460/09 ' 1 •� 1 , 77 n •,I , - rR f 1►r �i oe l ..,-; h - "'." «� - .•• ,r `.- 1. W-1 ..yl � .. ,. •.. �, R .r: s l R D Oft OpMENT J�GENCY " '�YT% ,Or,, HUNTINGTON BEACH , 20ar;; Mai.,6!:Street `Mi tin oit j3each',' Cal 92648. RE s' .Min- ftciFi.c Property .'Owners; PropGsa'1 Dear; Redevelopment Agency Metnbers': . 1 hikh)c YCu Port A1104 nq ,us the° op r"tunit j, ,to, present and 'exLz!ain ou' developa�erit uai�ce`ptti o you and the public. We appre� iata� -quest ons ,'dnd concerns. . n '� • " rff =it4u "st ;, 's'�=imply .that ,:we ;S2�a -given' the, apportuni ty ;to .estaba sh a,ri acce tablein coo'peratUoh with one '�ancther and :.:the ' Red'ayelop • � p' is ►`.' ,Agency.#ter 'viewi,rig``aZl they-r+ropo9als, we #eel ,evenmor `'coni3ent' that .:aur'l2ln and, a`ppoach 'is the most 'approor'atie; and. equitable for the site rand' s tuation. �,ie 'own 'the pr'c`certy we 'have an ex erienced ."dave to men t t am Aad ke ; are commit ted and ccmpelled tc, work together toward, a cntrtmon: goal. ` ova. would like t� h'ghlight'our praipasal as forllows c:, s 1'. united' eftor. amongst . prop' irty cawners'•'-'to present, are 'eccnomf ally' ,. viable 'devalaptaet�t r plan. t t 2. t1rii�u'ely, th3 Agency ,cst virua'lly `stiafyr that letter APt[i s i rf of Ri6ddvel'bome it Law', by; choosing local property,, owners to plain and improve the, properties`; 3 . No 'otr r pzaponal can coavn6ace as quickly-.. and naw , that; i. �4 interest rates a e. dropp" ng, we'' can take advanta' oP; chis Short "window, in tl�e markatplace . illo ' ",rr 4"et �'S� %,f4e ff aa. Page 2 41 we are asnenabLe aid;' respatisivel tc -the City; and community' disirea" '-For ixariple, au'r`:cc�apara`tiv+e plan rt�,t..the a`rchite'ctural style callmd fc�r '.in ths'°,Downtown 'Sp'scific 1���►n-wand .our' devalopmant 'will be, cdor`dinated with- the design .. :., . '`-'anal �,treat�ent of the '`ad jace:nt biro j$cts: In addition; we have re:d`ucdd, tiia intensity of id prc << ` AencegcoenC` ,component ,s igrii f icanc`ly in respcnse --Agency s and..ca' cerns and' ��riLl, dxp1 'i, t.hee .�iodiiications aid alternatives throw h the no otiat nq ,perio3„ to as aura that the eritt�re g 9 Project becomes.a source of great civic Pride �. .A M Equities i"�' a' highl' "ekperi`znce'd and ginan�iall' 'sound dev lopment cccn�any In 1985, A��y :d yelaped over. $55;,o0Q, 000 01 of 'luxury,. apar.tm�ents: Our partnerships i'r elude such established -, cam ens es as We erhaeuser,, Citiban,, Mits�a�si', ,Guardian :,, • ' + and : L+oan ;, Han 'Savings' , ,c� of �►rnerica, and "Fi Ctterst�►'ta tAn of'`which ��riil. rovi.dz 'read" ra eari3t y', p l.. Fere=noes . Our :> ' - •� i,fic:lude Santa development` expe;rie,nce in- ].oca1 jurf sdi'ctidhs' 'Ana Ve,ntura;,.r Garden Grove; Laguna Beachr,;-, County. of `'dr3nge, ; Si;a� Valley, Anahei'm;•.O•ra:�ge, Brew La�Ca''2 si nare, Irvine, ;,. Santa; Fe�,�.Spiings', Downey and Covina. Speici.fic people in a;�y of these nuni'cipal'ities can b' oor�tacted►. 6. eeoause of the reduced ove3ra11 acquisition",co'st 1whi'ch results frcm =the .Main, Street Property U ,partici ation uur ' Prop r '� caner. , •. , ro", ect• can support a bighe' ;,'per �kaa,t olaiid' va`1ua for they 'Al j 'bA-1a' nCe I of .the slier. This fact''great'1y e ' a b lit ,. nh noes ou. a y acquire thde , ndcessar,y rernainIng ,parcels'; at . i Fair. h4i ot:iated l ;cdndemnation` which :is 'both price.'rather than Compe: Lingrhy 'and, 'costly, wh ca is' mandatory 'tor the ether proposals'. - 7: the.' Stress Property Owners` have a greed to 'formalize ' ` their `o'rganizatioa a'nd`iw ap nt one representative 11, of + , , . to work ,through' A=�M Equities;, in order to assume proper' cordination.� :a►nd `oo�iununi _a-tions ,Ibatween all p�►rties i'i�voly ed . '' ;, i t a-M: Equities will be ,the ,sole signatior for implementing •. - o an for and , ,. eeM ;''de�e lc p the � � pl an a z, � mEtuitie:stwi , 11 . carry ' , .,,. ,. ,, site. tract wtih' the Main 'Street , q , y that. portion ;cf 'the pcojeCt. Frdpert Cwners" to, carrybut .I • .ed, ' 8 . � rote +rit and , will be assur , - 9, 1•safeguards ,�Architectu,ral - - by ..recordead Covenants, Condit•.ions and Restrictions with prior approval toy the' City Attorney and Planning Director. 9. Pribr•.'to bu'ildiag permits being issued, the developer will Provide 100% lien free completion•bands. I Ral.. : •. I+ri l - MMWA1 IiBllpl IilEllElM11MF rY111MFlr lElAw tl►= _ - _ _ - "� __ _ ,: .i ,- _ - - _ _ - - Spam i OPP R OG no f a N61lCin tmmE M (Tll1! -•. kill • • •.• r; 11.....f q.atrf - Dqd .._ taiirl�;:'ta� hs! ta�� 6tets : fiKsael; IiRa •f. .:: wnkM: C•winet1ss11.e1rMa! 1 ltit�dl 1 f k►ta Etola lShca Atrw hwllF irli /T1 Ft i-fl4 F1__ lilt Fl ` 1 11eH.` �It t•lts,lk*6ollim rust 1 1 002140$ +! !n : t "- N !" 301Ail -aim.!/ r Iwo - ` - IS} w.iis i- titre stl IIIt11 f 10 Vs CM �LOt : .1 ; • • Y I">r 1 , Tim 1 s T� - .r 1 1►ae 1Mu 11111i Ant: AE11T AtM! sf. 11gli I ia�wl Isrrtraas Iola ,.. `• 1 _ _ ! mw Ipme f lM: 1 MIT lr/ ' 1!r Its = 3n !S 7tri>"! !IS !1.>i Miti.11S l Yenweg 3a: .' # - ---•4 y ; • Ik lie 7!i !6 U.11i. S�!! *Iar ISt.�71: 1 is .N Alf, = - . - t - Tim �i�Ll� t ..�•� _ - _ _ re .. 1 hr 161 ItS 11S,Nt _. - 1m f1.11 .. flt%" t: f.N ts1@ y,01t _ ! ......u,.l ' + •:. •� , r . 1 fir ill it".2! �, 1 farerKlil �i00:. _. 1 -" �OOQ •.'- - it'At7t: - �A: /t2'!,i'7! -1 AAA 11l: +Ure Gds - -�.�lM 1 _ loft, 4.ts" }'r' 1 • _ - I Start •f lrs.tA It;t+l ftem � r •' l • L _, tar. of Loese n ! tuft 1 itt.r'art - i .. _ 1 --:.-•----i a = t 1 llM-Leaae, /rr tiNth 111111.' mow' l •�._ + 1 - 1 Teter o:- leeo:e 0.ilK : 1 ....�....1 ' , • r • ftrolts" Ft S off. or Total Ilos.l !el trio _tl�,t?3 111! '-_ al.t! ]Q7,M lffwe+�a+Mwa� - t i on. or total l "wv 34909 1ss,oa� 1'a1,t?ye s is 1z e". + t: fl!!!IClMC = t01t1lal" ial ClGfW wl b/ 1 - '. •;i•.16 1133111=4'lot - - - „ - - -, _ _ _ Z tMatit -- tff,N1�011- 1�wt.: - • ! •. ,• •- _ �'-. - -. lryae'l•t fwt.: I T" it Tan l r_ j :•. ka relati" lased a+rt MAIN 1 tsl11111Fee! L!t = Mtts l.i11 ! f-well i 6 R%_ F1 Ges.#■ Raw [eat■ Miararart Trri 1 lstarpt Ante' lal : l.l.rwl i.lf ir«:- Illrect twist i WWVA [.ce.a i_A %m4lllldiss. ! 1 t It. is 9:1.00 Ii,70(1�OQ9 1 =j i ► ..: FYai+ii ltt� 1 - !frr�l' �ril�l+.! ltf.ill` ilaf lli.Y!- +11,11t.000 t L7 I 1 •' :, 1 . 11140 Vora :It MONO 1 _" rE■SM 11st"It fti�IrfJlf 11M A ! `:• i 1 coon" ArtaifiW%Irel t17.1613 _ H.]% 49.6t_: ' µ,1 610 3 ! _ _- 1- •. Not Rrse lt.elt IL72 M3a1 - s3a.ba1 i S 1 imewt ]T,pl,lo! fre.+l f 1 ..•i. - -�— _ -_ i 1.... - h Tors ffl '•- _; lo! 10ta1 OR. we . t taints LU N.lets ildise! Gotst I letwvm Rate ILL l.t.rma 41* r _ comeottaRt ran KTI $.� - 6tti,4li .. 1 : . - ; 1 Asarlisatisn A Irorttsalt� ` .>M 1••;- ,_.� •' 1 lsltlt�tewtl� t>� _ . lots tlb!.Qili 1 S I fw+b/ Fw/.l - ._ >r!r•ip 1 t *"I ow pn.rMM let AedilsdlEs+i�writrt i3,1l1 t.t1 _ - MAIN 1 i I baeaawnt hateies Aafrtaaes► ! :' i f F.r*it s i Fors !t, ]it _ P. t1 s:�' 1` leae ►,es iS,]I12 ' ],bi lt, .i00 i i 1 Jtaosat .-ta' low of witrc.! ! t ,� pis' i4: - = ,; [antigaac� 'r1,�►S ZI 1.00 tttlrp00• 1 1Z I Isrw.. ! Arwtl a y : t Taa:Vlemaranee ll.l►!f LOt• 1t38�140 l 1 1 lntwvd Bait LOU IIFAWG§t Ida �.11 1 , • � . -.� f '' t . •• lnl.e'r.1 boar" it. m Lit l fTsl.ii0 y _ li s 1 A.w li:atisai 1S ArartlaalLaw �' 4'•;• t r • wrartiN tl.tlb lost 1t89.ltri ! l] ( Fad MI'ii': i , 1e1,1110r Foo t?,Qti -431 -. mica I 1 .. %� ! lr�1w•sll .. _ti],bp i.ie - = 67,1i),tl1 - ! llOYlft iAtlEi 11am101- �• 1Mshrrei htw% �. ! iM.49t !awe Tatai 11411irt9i 1 fpitT i'artsls *we EDO Flow !l.lOs 1 _ _ t t ' rq �1 d • r- ti�s��. E - � 'sue ►��•!� R:/, ••� ,.. �..1 , �r�w�asa■�fswa�l�fa�f1.��1 � •�ii � ~�-�. . . _. - - _ "�'� t • ram. i• �' . � � :: /.. . t� rf Tk f ' i`16- r _►±� � ~ a , ~_ �• --� , _ -Jv or t r„ 'r f _ • i =Ir S wit • _ 1 - - -W.. Av 0 a rM �i• i �...' t' - • f - j� • f F ` .� - •...•�!: ....• . .-• -' :' -_ - •- -., _-tom - _ _ - _ - '.� +�M�• ri 'REOUEST FOR' EDEVELOPMENT AGENCY ACTION ; RH 86-26 Date' Mitch .I Honorable Chilrrnsn snd�ReddMelapment Agency Members :r + ,• ,Go+� $uDmitt6d to: n, Charles W.'Thompso Clty:Aominisfrator/Chief Bxe'Cutiv ftic 8u Irierii by. r, , . , _ � � Ih�iiglas,N."I,e Belle, Deputy byCity Administrator/Redevelo Propared : NEGOTIATION AGREEMENT ",,. + N'X' -.MAIN-PACIFIC PROPS OW I S Sibactc ' Consii6r t with Council Policy"? Yes ] New Policy or Exception Stetelywt of ,l�suej aecom" 'rni elation Analysis, Funding Source Alternative Ac y en' y q bons, Attachments: e9 it ENT:a 'issu , P •e �edeveleet �nich enco ga ,res'thel_ x-acre site bo Fded b� M ins gt� e# in-Plar '' •. p AB h fart a Ma Th Y,, , tia$r prof wh mp ss he's --a un a to 6th r , / Street, tiValniit Avenue, and Psei:fic, Coast I ighwey. ��s a lunation of the;revieH,„ pcaqeas, it va'as'''tle IAgeney!s actin to direct staff to prepare a NegotiationAgreement , with,the Main Pacific'Proper'y Owi"ers. , `'i�ppr'ove and, auttoc#�e'`exeeution of the attached 1�7egoti8tion Agreernentr'between the tiuntiiygton'i3eeeh` Aedevelopirienf Agency and Main Pacifie Property Owners. ANALYSIB 'Aii? Wedi�esiay, March 113 l9$6 staff met with re r users fade bf.th te►bove group and es outlie'dhe Agency's action ofi�Mareh 17, and th gg p izof a N atiat�an Agreement. This agreement has been'drafted and1o,-waededjo the , Main= aeific%Property"Owners'"representatives. W.e are`working, to obta1" fully cuted copy oi„this 'document prior .to your corsiderlation of this item 'on' Maret� 24. axe , ' ;�: , '.t�,•� ;' ,:: CIS ti ,,, •• ` ',ATTACHMIENTS: +I 1. , Negotia tion;-Agreement between'l�tain4ae fic ' Property Owners and'the I development Agen cy of the City` of41untington` Beach. ' ' I CWTjbLBalp ..2193h • ,• - ,, r r it _ •(•Jtt=• •: .: ;��. ,, `ti ,':j.ir%f' ;; t:".i ,. ,, --. :' c.'. ;fir .. =8�'1�OON' BNA�. # ' D PN=T , A=CY 1 ("Agency,!) A and s%�-M C' aifia' :i er�,tags lorm,vacifio Da�reloppaa��rit O ou a Cil ornia "Limiter Par rAirehip. (,t,A'�1d',!�). 'mod .Paoific Hfriteqe, a California CFrelp ration- -Dorothyi;V. , Terr� �Ahn,' MhsC Gar V. ,y, x :iralhigat�,, et16Baxter,�►bmadnamedl anti,: ale'atxnr ' Bra er, Carlos Caata a>nd llectly 1 p .o e t •:.8i``hard PehMasta owner Participant' (ct Y a enter'' into. ; thl i Agreentient on the terms and ro*►iiii�► rat �fortb below, ` R' E C''I T A, L S t �" 1'f= a .Agi�ncy: i• .in .tie irocass of• it�plettrenting the Mairi '�. Pfi, jwo,;,e�.oP" It P1en for ,Main "Pier ,Phase II. 'The' Agency `has sali'Cited !:proposale, for a ; certain nt Jiro e'ct Area (the �partiori;i af' the Main Pier Redeve1'0'*O_ "Pro edi,, X ea° lb "' edl'.st ` the north., sait '�'Co=ner of Pacific Coatitf ig Y s the "� a"► hereafter dasc it as I H hwa and;Ms►ia street, which portion=i r r ibed c, +3; Base :,'Partly' upon ite;propossl,as submitted (the 1 y-� "prapc��sai , v►hich ;fs attached' her'eto,'.`ae Attachii��at; No.., �i,': and it aorpc►rstsd ('the', ".D'ovaloper" )i . has � beon .:designated' the 'arty M�ith:;"wtai.oh" the, °Agency wil l ' negotiate concernting, the redevelopment of 'the Site . T Thad .parties hereto 'siQknawledge that, the economic efieas'ibilit' .:of propo'eied dsy4 opmeat `'has` not yet, been' datwrmined ao''�the vat i`sfacti'on: of;;e'�t�,her"•par, t�r and`, :in partioular, `the. . �f ~aioti:'of .rehabil i rs ail sho s on Maim ' Street' or. tat iag the t P �,deaiolish h and reconstructing satins. THE: • AGFNC:Y , AND THE 'bEn OPER HERESY) AGREE AS, • ir`OLLOWS : =f= �• x : (Section 100) NeQotiatiori: A. (Seoti ;n i01y ; c ood,'FAith Negotiations. TZie :A sncY andr+th® +'Developsr,``'agree ,for he period `r ' 'I _ 'Yf �pj t t•YJ ,:;' YJ;'c ,+, _ ,: ' ,1;�.'i1 .`(� r.- 'A' t' 7 i•i r set�tforth; below 'tn negotiate �in ;q�odr faith �rto ;.prepare, :an OpA"or; di'si`: e3aioin `'and `,`devel�ptrient 'agreernent,to bay entered `i:nto Po e nae`rnirIg., the 'Site' between to Agency„ and. , Iyewe l oper,'� oo '' chtt' i s that;' cartain ro rty' i'n,;.tk�e� Fro j ect :'Area., in �he:'C ry�r ;1 •ta`tti:1 S,t.,'f..,;,v '• 1 . off; Hdhtingtoa', Beach,: shown =; ene'irall'y, ors tile, map Iattaohed hereto , I , , S " ' ,• as'Attac tawnt'�No; 2', which'.'his, `ncorporate8'`herein,: The Ao► ,YA .iy ,. , i.• Y, ,_.- I +, ,•green (forpvr,io� ti,'tset `forth , beloved'; provided' that ;;this Agr rat; irem&JLns Lin 'ef f ect) not to : en i`nt`o , iL rdii s'i' t i'on �_ + nd�;developaaei�t jagrement with' any`,.othe'r person ,or ;entity - r i aiding ttie .Site wit It the :,consent; `rif Develop®r . 'rhe for: oinq� .ehal l riot' s .:deemed =to prevent =',the 'Agency `rrom urnishinq ta' anyone public 'x�cords per to f ; ' taming:. ,, th.2 'Main '= Pier. he s ri ' bvel'o r ` urther scknowledses ,`th's t Pe s t i sight .. ,..,.:. .• � tocY' s.•:.rules for ood�faith ; hereunder: are su?� sct .;tc : the_�Agern �' psrtoipation The obligati'a�i' negotiate i q requJ.res that. Developer aortsnuni'oate with Agency Frith reBpect to " tnoss; issues ,far .wr. ich Agreement'has not been reached, and in such communication follow reasnnbble negotiation procedures including 'meetings,-telephon© 'bonversitions and cor=esponden6e. it is understood by the parties that final &CC!ord- on, those issues may not be reached . " H.' (Sec:tion 102) Requirdd Act. { (1) Within thirty (30) -eays from the data of this Agreement,�Developer shall submit to the Agency a k^ • r { i te!1 Airrr iw d�sscri.ption; cif the ObIb cal scope-: c 1 Pirop. .w (the 'DeVelopmrnt ConQ pt' �` '1'h�1 +` Dev+ o t /i shy l l 'w 2ude : ; '. t` a) a dett'iled itateewhftt;.,of land `'us*Alnit prelimfhary' sit• pleas and`,ieleirationi, and. ienflits" from whom signed lettOrs of iritirist', and/or r.. r p •� tiou"have obtai�n�d , �ti.oipa been . ,• , m d b esti' ite a evelo nt 'c to , fm , 1- ,a -�: operating:: revenue, and eqpiiiirelgiiiikaMint j' r1 _` •%r,f : J., ,;; 1. - .. k umpt s 1r onam c (e) aas lions',a to, r►c y�r feasibi`13t�r, such s4 `develo ant itait�g and anY COIsII�t"hts a ct4d •from t A ep } if ` ,;•` '' ,. 'l t(d) • a detailed anal is of rshab3litat Olt", to CDntraated rto riew construct 'diri`. •/ ,. e) the prapoaed �ohodiA in' of the .proposed (f) the proposed sou and method of `J i'hancing. !.,»,'r► t ,t e. L „� i�i; s `'� } 1,••,-J 1 i{,r r I ,J4,; �detai,14 b�ogroph, cal' and; background d6sciipt1aa'• cif"-ViO` Dovelaperti,(sritid al'1'`� prinCipais'� in ,, 1 r the�rprepoeed'.:'deve1opa ent'`"Shtityy`,' includlnq such y .., n�attera�4Sa�s: t i) Dr br 'reco: d; it1i 'respect to .the` } 1 (armlets an -scale' - C , �1 l3r i , of plro'jts prtiou' Iy: those of , a `o I wt =,p ed herr n; r`audt ('ii Y raaord of antpsrdble o 'triat't ropos timely rformainceAreflecting;'minimal, �iti eti'oan . ,rt e, ayrtoantJ of ' oYnt ,•-1, and%Draw isputes cone `rhfrig h gip„ venturere,;,,contractorej,l suppli rsi ,t� ar t Cin ,' aa underetood�t.that{,the,' Agency. may,,, ; ;tak prap�riate' aG eps; to, verify sucia nett rs; and the , Devololer; :agz'ees :'to 000parate !n furtaishitig 'each inf on at ion tc'' ' the' 'Agency; t tr ,�1,,, I= t l !,1 1f,:. y ` ` 4 , ;, ``\\�p•i ,�1 ,1 .. •i• r !: _. ':,�ei:�_, rJ.'7^• •1 t,ef, 7f�,4•t: , rl ,� 1 �f..r. 7..i t fl, rl, f111�•.!/f•i, ldentit�r."ands audited 'f:�nancial.�l'statements ;l ♦! f ' `r'•. - ,.. ti 11`i o: "' .at,l '}f Y:.�1- - 4 n^'•• II for,`>:guar antors ,; ( the 'Developer acknowledges' x that, - :,.per , .' .r , .., .1li },sona�l >,.guara�ntees (or such 'r�iher sssur incee -sa Agency. nay,;; hire) shall' be required with; . respect to ` ori1' 'atifons'`af tyre 'Developer in% the.'ever t the Develapor does business in a corporate or partnership form) , .f „}i,•. .f �, j. ,.�5 i ,1*rY `1' r''.1 t„`a r , 1'}, ` ! •i ( 1), 'proposal-'1orfgi to aesertibly specifying'the' f - II:: , entaunt"'of,ievel'oieir's '�f"ands ,s�ra9jlaole�;�for , acuioitioii: �'he.,'hevel`o r r,aeknoirled es "that 'Agency �funds.ti�.taay� not be ';availabl'e fors, aor�v a tion 'and that'; an'1 fJ ii&ihbe _of : IUnds' byr,'t� a ',�Dove].�ap r to '& I ii �ti le : the:"Site- (including acduisitioza of interests in"property and`' x ell a 1 assi'8tanco) w11 ;be reir • , , . an relocation .. .lcluly executed wr iiten' : agreementr am6ng the Clwner-Pekt 6ipAn.t:s and the 'A' K. setting'forih the ' rightsind ab l i,gat ions off each pa=ty Tt�v Agana shall ,review the bevelopm nt Concept , e and, may either Ja�pprove zt , requeat;, mod,if icat ions or ' ,re j ect it if the Deveiopmi nt Concept is rejected, thi? Agency' shall tl; ` provide a,, last of def icien6ie's to the Developer , and if,"these these defi'oienci0i, ai'e net corrected to the satisfaction'. of,`, the 'Agency .within •20 .days . of such rejection, this Agreement shall 'automatically. terminate unless it is e2itended 'by the mutual ' a reOMent of the `A enc�� . and 'Developer. The Development-, Concept ; err shall'be 'Consistent with the propol (Attachment No. 11), P �r 1 i;4 t 51 IIiN •� the .�� rOV0s the •nevil•o ' ent .. 1 - CO:u# Y �. t�fen an .dr be �r�r May le •19d6 ... the Alois and Devela h�ii1 ester into a M' 9Wrar>duWa.'of: understanding desor! ihq- thi bucv1n*js:.tekas-• (�� O') arotifid which 'e Die *itio ; and D6�wslapmedt �lgreeateht (DD1�)' wound be ' negotiated -:wit roe . . t:.to •the ;dovelokwl UV. the ."Dwel�opmat") , During 1 this;, pet ad '• Developer, she 1 prepare and �uhaait an uria aaiice " o :the' pro sed Develo�iaent , If ,a :i U ._ Y arch�tt~eat {= hee ;not ,been, enter into, oh_: or_, eforeIe 180i9e6, this ua l ' a r nt o f -the en�► - Yand..Developer. i Whenent ended by, J1gr tshall be. automaticall terminatid un gg , he MC�tt i s •it� •d,, teshall supersede:this':,V"otiation Agreement,, except for th grovioloane 8eetion, 103, hersof th (3,) . In t ' e eventi teat air ll�t?iJ'`i$�; approved by e :" shall parties 6ii ,gs. foare :day, ,1 ,,�1986 :,:this, Agreeiaent ti; y� t terminate. and, .the ,'NOU shall' dQntin(i9 regardin4 the time from withiA which'. toy"negatiat9 and', execute. a Disposition' -any! l psie Aq t Dave o nt reeaen r C. {SeotiorY 103) ,,D sit ;5 veloper herev�ritir submits toR t2s Agency; -ass a dgpoait ;the `cash: sUM "Of -twenty f. ye 'thousand dollars;,' (;it 00,0) i.n 'th.e ,corm ''of •a, cashier's or certif ied check a able ta'; they 1. , pl Y A enc (the "Deposit") .,`�".They Agency eha11 :,have,; too ob11 ation to g 9 sera'TAterest "on"` -the , ,�'ep 'Bit . ,Any... interest earned anal„ A , rannaining:upp: orA 94Irat�ion or "termination, of this' Agreement uhiill; be;;allocated;':to` the party entitled to such remaining port i`on of the `Deposit . The A enc Bhall be 'enititled to ex `end`t'azi postioni ,of .'the Deposit ainterest earns ,_thereon) for, �rp' oass .;of ,:inrpT'i "' ent ng this Agre' $nt intzTuding without . 1, limitation', pa ent `'of'costs ;'incurred by the, Agency for: staff' �j tiyae fe,0ibi l sty, studi'es,, aril legal fees ,tel.ated; to''the . - '..-•.3•)•. 1: _. .. \, f. mot.. 5� 5 , a )lv,. , :nQgati anon and ;preparation; of a 'I�R (he "Agenay'Cost�" ). The A►ger�csy'. shall have no; .00l ig`atiori to, return {cr' refund;, to the Derelopez any'Kri''of ' iie ;Deposit 'so 'expended. �'rie Agency estimates`t2re llowing casts assoc�.ated with this Agreement .. ;, Legni., Fees `� 5 , o00 00 ,�3 11 - st'aff' 410:OW'00 Land Eoonomi,st 10, 000 r 00' r! ,� ,m s r The p t,, is additional ads. to ;en u at ;,. s � e that Davel'aper will :negoti'ate in` gaodifaith wJ.th',th$ Agency': When thii ,:Agree i'eht tterminates,';'. drIetWhgn Ithe,i`Ag9ncy and,. Develo `r enter int`o'ai`°DDA tbgr, ` he'�A' ec ishelll i�etuarrjthe Depo+pe'tIt Tess ,the. Agency Costs, unless the Dewelaper h'as not negotiated 1 i.`n''good faith;',cirri whic�i `event', the .Agency, shall retain* all of l the, Dopeeit ' not earlier expknded. I .. The Deposit is additional l made to,,�►.�sure'' that Developer, will negotiate in, good faith with 'the Agency. If 'the �{ 1�eveloper has not negotiated in goad faith, the: Agency shall retain., all ' of.' the ` .Deposit, as lic,�.�idated 'damages fax Developer's � ,. breach hereunder. The parties agree that in the event this Agreement` 19 terminated based upon def ault by.the Developer , the Agency 11. sustain damages, including those attendant upon the 'postponement; or., doss of redevelopment 'of the Site. The parties agree.that it .would be impractical ;or extremely, •. difficult to fix actual damages in such event, ` tbat the Deposit is a,, reasonable "estimate• of the damages, that world be sustained b' the Agency, in such event, and that the Agency may in such 9 event return the Deposit as liquidated damages. Developer, I ti�al Here Agency In tial Here iO239w/2051/00 : hM everi't oregoi t e i` ,1 . � nq 1quidated : damage : provisian is; , ,i deaaed, unetiforoeable, . the, Agency 'shall bi entitled to, such damages on may be shown ,to` be available at;law. (ae010UI 200 ) ..� �;kdLqL "r39 enta1 ' pure as*,, "rice and/or ,other :d9n ideration ' to., bs-. p id,, tha Dave , • to r,'' er. aha. DDA vill,�be'�`established beewees� the patties ,during atiati n• en - 'o" . . -dues . r tal •purchae . h , p roe,;and/or other, consideraan will`; be�issd upitn' sue 6tore ai market conditions; 'densitdevelopment-; Costa of yy deVeloyment "'risks of bevelopir, ,; eetimited 'or l-actual tDevelo r prr f it, evtib►eted; or actual' sales' 'prices and/oc' rentals, p lie rare, :and/or fair value for }t2�e ur$r permitted to be ppuu ' 1. .I ds�veleped . : iii (+section 300) Miacellanious. A. (Section 301) Rio; er'z Findin a r'. Aa rm net ons , 8tu es 'arid ..2 ♦, ,',r? I ol'1t '''' Ali ,, From time'f to .titae ar requested by,;'tha ,'Agency, = Dav'elo x agrees tto make; -weekly oral rogress repc►rte 'arid{ p 1pbAth�.W=�'�t�ha'repart�t to `theExecut3ve;birector;. of'`:the ;Agency , ,s t `_edvi�ing the°Agency;- on �a11 'matter's'. and `nX studies ° bein�'aiade If } 't' ho negot i at i'ono t: o noVt 46s l t - in a'{ DDA, ?Developer' w. 11 submit tey the Agency° riQveloper'r,4findings and 'deterrriin►ti'c�ns' raga ding .It ' proposed' develo t 1 pitmen acid copies �+f:. a 1'itiidies aadr'eports'' made by -Developer :specifiaa�lly for, this,,,.pr'oposed .,. Development, tohe,,extent° `riot" containing' carifidet�tial' . inf ormati bho proir (I , hbweve'r that all Ruch 'f izidi'ii a do or 7` s� ions', Bttrdies: ',and, r`eparta , :v ll' be furrai sti u, warranty` of any ktind; and --Agency agrees t;o holdr'Develaper' r ' 'barailees ,.':4rith respect to ` e'iy use by Agency :af , such . i'nFormat'ian'. Y 1 \ B. (seat'ian'302) Stat�3 iiviror=erital''-QU ' ity Aot. The , Agen.q mqy' ��recyaire, tY�e Developer to supply data '+end` iritormatian noth 'to�"datermine tea' ,impact' ofitho , o,,, , d�evelap�aentR anhe' envirorYment arid to assist in `the prepr"anon ' ofl .piny necessary environmental ''impact reports or.' supplemerit`i to the ,envirbnmental iftact' repar.ts. " f (Beetion 3l03 )' Terminat ton 1 1 (. S wr , I• '( r el ti (' `Fr4(rr ' `'.`, ` , '.a• ,r .,I ,'r',,,.,` �f{•`i. Irt�) �', '� '' ')' II right's to'tee inate :this Agreement,,, `�orthwith';'in;''the,; event-, the,'IDevtiloper fail$ Ito take:: ' a act ion''rei t r"cd `pursuant to Sedt on 10this 'Agreemenx by`the time specifiedi,thern, ;tie: Agency shall, ;'at ;its 'apti'on _ . g , .that 'the terminate ' this,,'A reem+erit, in''the sav8nt it 'determines DQvelop�r ''.f s 'f si-1 irig I to proceed , i�n, goo 1,,faith''`to .discharge t its oh i atioiils under :this 'Agreement pravizled that picior, to 'term natizig this Agreement ''on `'gro qd that the ',.Developer is not proceeding , is 'good faith,. -tile Agency' shall; provide 'notice,r,..a the,,Developer - of its 'intention`ta:'terminate, and •' shallprovide the,; Developer with a reacson- able ,.time ; (' f .,not less 'than,failure. ten I'days and not more than''twenty (270) days) .'to cure such Upon es~piratLon of such cure period, the 'Agency may terminate this; Agreemsnt , The D'evt7loper may terminate t his Agreement. -by giving:'ten (10) days' wr.ittlen notice to the Agency; in, rich event, the unexpended portion of the Deposit sh-all be zetaihed ifitheAgency reasonably determines that the''Developer has. not negotiated in good faith, and.shall otherwise`be promptly returhed.� �F*J:j t` �i i t %1 l t L1 S lk i f .;'. 1• s rent sh aticall terminate o ,- J1 Thi leg 'Wi'l `-sut� y il, ' 19, 19ee, unless sooner terminate. r. X , (sec'tibn 305) Aasigtaagnt. This reent shall,, no,t, be assign Cher' r1111�� ;; p�rva1oper hit dtt prier V, itten' a�pprorral of the Ageri r, which , the Agency, shall grant or refuse at its dale 'diseretion. - (sect �f an `400) ftgcial PrCy.i's long . : A (Section.. 4 01� Redl$ve m n p'ro i ec' "Financ inch ,r� " '+' y , ;: t r ,t�i.�. r Tiia, •:i a..F�l_'i lt('1.>�t%'it•9-.'t�`'�Y: 1r:a f izanc 4the:Rede'.rvv'Se;•il�!a op'mrJefn� be road b ontp P �Y'7fbY ,:s r in wi31 = ea�acc 1, bb6d,{ ari unean ro rtp t'ax ',taoreaerit,. dove l'' pm"en6f'which pr .. °f tme ; ixx a odu �.n n a t, .f%s .-,..r 1 S �• . 'f. � :. ,r , , r ; property' tas'�aeeea'sed �Yalyations Yn� addition,trith; ths� mutual s ' 1 ��` r . ' :> ac r�sraent of thtf-'Agenay',`,'anct';tt a D6v loper,,; , Ether iaetl adi `' f Agency,$;financinq' may be,,ueed;,and shall be seat forth.. iri an lo,per recagf za that' the,' te�rma of the ,1 • ; DDA . f,+Roth A �=1ts `d Dv� Agross ftit, r;i.zgio�u inq the: rrelative`;fin�anA'. and Rothe r 7'_''_' :�,; ct�ntribution• of tiie :parts®s, shaver' not yet, been determih4d.• j a. (Section '402) =Ag'�n ,►'A�sigtsn d: 1. The Agency shall cocperatr 'fully inl-.providi.ng, r ,: r Dervpl r:" ati n' .iitisnce, pr.'ovided pe appr ' ,. o with �prfate -.inform a 'and !a that this:; Agency ehe 1 not ` be obiigat�d to incur 'caes'ts therefor . .. •r. (, , , ti 1. 1 ; ;`.l ``, ;l i -` J 1 � ;: ,r/ j• - 'J. C• , . '(9ection 403) Agency Public Hearing:; , 1 ' �w I• +. `. t , k; i i•1 ' ;t ,;ed into ' ;i � :Il rl V , ?' •rR .'•S if fDA enter.;1�erunder , shall nn'r eaub j ect to ,the .r i're efi ' 0• � t ;that ariy pra�osed 'di�poai'tion ,and 'ea.1 ,of, A land t all t nat '� e►` :authori':ce l `i nt i,1 it has be�nl oar,s`ider and pp `°by 'the' .�►gency 'and, city Council after ;public, h'saring r$s , a roved' required'J3 a' ' 1 Da (Section +404)' Real .Estate Co rnissinnr . r, 7 z . J j t' iy, f c7yy •., •�� lJ. '1' 1°, i}` n.i F[[ i)u1�1.�S ; 1t•_.,t 1s,i"�,�/ ,,u(F ly,l rr •i7 /P,•`:• :ter, a4P :." 1 S ,ti,il / , i 1 F ! 7 r.. I .. ♦ e t A '•7 ,,t •• ::.. .;. Lot !y14• .t•i-'� �t •,i^� � , S 1M1 l l� ! , . � Yt �ti$ g c she n b` z ana coar�A�.ssi.cx,' ot` `broker'ag aes2 wh hu• al aria thek ifram. The ;.;) ., elf I .`•'j'irl d ,, m ' e iV enay reprssentg that t l s :engaged`no roker, Idgent nor ;t ;; `•. F ':;f rider in' cnrinecrtion' with 0 �,'transactxon'; and�:t ie ,Developert i3. ,• `acreea to' h`ol'd h�e A s , r tl gPngy harmless frrom airy clarm''by: any • broker , ';egerit or f irider rd'tained, by ,th r Serve op r , ,', `• ( ` 11 fl IS �1 'i .f '., t E. (eCtion. 4Q5). pressdo Releases ,.'r: a,•rees :to disailss tan rasa , reriad►ee frith �i.'`'s+ziat Agency ta'resentativeYppir to , disol`osure `in''t�rder t"o sasure aocuracy'�,and cohaistendy of the k �� F• (Section'406), Nondiacriminition, i' • t ;, 1lif, 4j� � yl�l. '.ielrl 1 , i.�.r ... ,. - �lith` resp�ec•t .to,;Develaper' z" oblf atiOns and erforrn xee Yrereunder `,'the . neVreao� r slia`ll ;net di. cri afn: te. n; any"isat �r an ,the hasis'4 of rice,. ci'eed, i Galor, , i�el i'gidri,,'"'gendar ,'. mental Status � nati'onal 'origin or Ancentry. G. (sitction 407) Notice. A1'1I'notic�s ' 9�ren %ar• 're P i'red tb be iwen her4�uiidet� sh�a 11• i t'�' . � • � :9 ,; • . -b'e 'Ynri•�-�.ng.larad,�a�c�resed �C'a tlel parties as` aet' qut bialow;' orb; to 'such' atMer add�ria a• .may be ttt'iced usidei an ;ppursuant ,'te 'thus.;Qe�ra xa�h >, Piay ueh notiee gh�ali lye r cunsidared l set 4ed when", actual? y rQcef ved ray tie party intend • _ •,t�ii 1 �`" ,` �? ' I,rl' i.1. i i, . t. ', .. 1 , 1 `1 t: ' _' r.�l,, ,. l' 01: • a , , , " : '- I VOW PAR'FICIPAM' , .y + .1 1 17 ... Dorothy erry I ., ;Dates r -. - ' - r i Date •f. .Gary V. �Mulligan } / Date ' •:, a Stephen F ti Z- t •fit �r •t } ,; , �',; ':3 173}> (; t Y i'.In J t ,� Eldon W.- Bagst }1 at ii� I Anus L. Saxter. , r-y Mad., NEW r � D�ite RIeanar J. Draver , , „ { Pate ` . 4 .. . , Carlos Coatn' r r j Vite , ,. t• R rd 8Chvartz r • -� ,) � :. .. : : - 1. � i. l� 1' REDEVELCPIMNT A►MNCY r 1 � �' t •trr � ['', � , ,' r '' it I t ' ` f ; Chairman r , , I 'e , , I, , , t � •A r t rh fit. . t f, ,.' �� ', , , I• ,, Al {11" I .' i 1, r , „ •r_1 ,. a I• 1 � I � � �ili l , i .:+ �, : 0239w/20SI/00 1 • 10 � r l ATTACHMENT 1 •' t' � i • • I• r i RDRVKL0PMENT 'AH2 jCY'. !CITY"01PIiHU1k#p1UQT0N BEACH, 120`00 d ,! . Tin : Sheet Hurnt'ing, t6n Beach, CPS 92648 � r , + .. •.' r ,•1R I ��J1 •li ',� 1..... 11., ;'r1}t� ,' ,;- ..i � 1 I, 'i j i •., I#E: Main ifi ' roperty P•Owners Proposa►1 r' Redevelopment'Agenvy Members : rls , „ ii'. , � t.. r •fit � . , ; �'� r Y, 1 , . • ' .'..`' 1 I • r,rV' .�. ( ` r .�t(1 y ..' Ir i �ij J'• �.. :.l,C+� , lir •,. 1 `il�., Thank `Xo�Y for' allowing yus tho- �oppbrtunity 'ta Sresent arici explain 1 our development concept io ya i and the 'puk�lf . e 'appreciated; Your ,que,stionst and cance:rns` ` + J` `urr,k; 1�•fr o1r= ' }� 1, , ehC4t :a an 'a�sae table . lan in ca eia ion y l� t one ario erfl nti nd the Redevelopme After+ .viewin all v.R ' ll' • •g •the;�?proposals,- �we :feel revers more_. •' anti, r •( nt :. .Jfl'' ` "apprdeoh ,is t�he,' and g Comka fut�•Weown� aphpero p r a a . a to dYnna equitable: ore ' site aXldsxtuatiion�t exper erced�ova lopment team,ie nave , an 'we are' aonniteand Q. lcamoelled ttwark t6� "th'er .tow2rd a commJ.on I �i goal.,�:� , A �• t yi:'•' t ••_+ t +r ,!�1 � t � , tl t' ':, `r i t,, r. . 'S f I r . „ ,' , ` t'Js ' i�e`':r�at lc like t higtil glit 'our propopal as follows:' , r `A fhtr t , ,r rR �• ' •_;, `� urite� sort, amongst property 'owners .to .'�reeent an economic ally A v a616 development r`,p1a'ii . �IJ ,� �ltt,•:r t, A���,(� `i 1. •... :�It .'ir V..rr t• ,, r, �+ ltsr 7: t4f i1 :�., J '�`: •., >tj< !, :4 lit€,J,'l•: I' 4i t .tl .�?-ir:tl,, r_ mil' C1. ,F e t �. Uni a ,the��Agency cars, vir,tually,�titfefy; tha letter 'RNI�'`:l '•' "7 l .,,,r. •. ,,, ..,r r tr. up J'rit !'of Re a el n ' oh e laical per , 8 v bpme t x aw Y�y a� ng pro ty; ' J owners to ��len ;end improve their14, , praPextiaB'. ,'�1� other propost Ucan ,cdirimence' as' quick'ly,`'f nd:now• that !` ntereit, i�Ate�o ae'�roppriWe can take ' advaritr�ge of this ,,,►'r: ort winaow: in 'the'=marketplace . ' Gr' 4440 Cann ui�'Dtive� . u►ti' 0,' No" `8a eh,, �aJltorrila A4 i4`(t 1'4#.;. ` Pagel 2 +1. We are: amenable and reeponsive ` to th'o City and community, desires. For examp)le,_ our ,,cooperative plan reflects the .,. y called for in th® Do wntown,Specific archfteetural,,.e•t le; .. ' .,4?- , ,.. ld merit wl Plan and' ou deva 11 be c wi`th ttie de:eig r p i � ordina eel , n ' and;: treatme�nt',af the adjacent pro jeets. In additi`ori; we � have ,redrJded the inonaity of the p sidantial ropoeed .x e� coin orient nai'f ica nti iri p 9 respa set tc� Agency!` coetements ' Y t .; and explore other modification and..alte'k'r.atives throuancehasnaoti'all gt� t q tfng period ;to assure; that the entire , r project becomes source, of 'great civic pridi� 5 '. � A. M E Uities is b :hi hl ex eripn ce. and flnanciaY J Y P d, ` lY ea , ,q ^ . , ,.•. .,. , }, ., de veiepment :.cr�mpany� 1. In 1985 An developed ' ove:r $05 000 Ono of lutxury apartments. Our 'paitnerships''in`clud'e „such •'e'stablish6d' , comp.anil as as Weyerhaeuser, ` Citibank, Mitsub1 shi, Guardian . n Savi�s.'and Loan, Bank of America, and First rnterntate. g , Bailk. Any cf :which will provide ready references . Our'' ;} dcvela mriit experience in local Jurisdictions include Santa Ana, V'entura, Grove,,, Laguna Beach,. County of Orange, ,Garden Si.mY ' ,,Vel.ley, Anaheim, Orange, Area, Lake Elsinore, Irvino, i ' Santa Fe Springs', Downey and Covina. ,,, Specific peoplR any of'these municipalities can be contacted. 6. Because of. - the reduced overall acgui,sition cost_, which,resulto 'from'the""Main Street Property Owner participation, our ' project can support a higher,per foot land value for the o balance of the site. � r This fact rea 'g tl dnhances our ability.' y , - q Y at a i�air. negotiated trice price, -rather condc nnatioarcels p p n which. is botr� lengthy ' rind costly, which is mandatory for the other proposals. V+ • ._ eel . to formalize • � e ' ave' are , Street ro ear . P Y 9 . ,t . their�dr ani � and g willnappoint onexepresentatiive to work. thro?ati�n g. q-in arder to assume proper . coordiz�atioria and�c�ammuities, ' tween all parties Jnvolved. between. A--I� , � uitiee will he g for.implementirg q thelsoleosi are a reem plan for and develop the aq ment. ith the Agency to , site,.' A' es ' will contract q act with the Main Street , .. Property~ Owners to, carry out that p6rtio5n of, the 'project. 0. Architectural. irate'city and sz�fequards :,will, be assured by recorded Covenants, Conditions and Aestricti6ns with prior,approval by the City Attorney 'and Planning Director~. Prior to„building permits being issued, the developer wi11 .9. provide 100% lien free completion bonds. .., ,. � .. 1 'y ~ • - \ ~ 1 ,� V t + ' •r 1 � r 1 k ' '� y _ �� �..}+ ��4 � t► .` err �� � � - - r �� = � �� ��.�� ����I � � I -III : �l � � � p ., .. - • .�: . 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SL32 S4.:t_ 51.0i 47.6% 44.4t 310% 39.01' -. Flo a i .1, U ' w C r� r rid - run r•�1• tr 1 1 � • `1 `'• '' � � 1, } i J '' r {, r �j i .{1' '�` • r ': - � ... 11,1 l•4 .. .ll.' r - , ,._i. 1/� ... ,' „ T� 1,'i { i�1� j.A,�i�T t �!• (l/''�j,,^L �(i r 1• ,r .r..• " .._.. .... ''`. '• _,. ! -,;: •t r I `` i' 1 '�. �.1 it �, 11 rl: ,•! J: ' J 1 , i ! �.� ' 1S J it 1 f�i: ,�`, 11 ,,,, ,!•:•• r ' •:` ! .. ` , / .. tr r { �� t c..� { 1 i1 ,,. •' r •;, 1, f� ,� •' , 1 , , . 'ram, , �r�•r � C. M , �: 1 ,i �r r 1 J !• r 1 1 i ,.• - J j � ,1�11 l 1, Z l� �•i, R i rJ.. ' r. , ( r.:I� a• ! ..., 1' �j� � 1 d�{`2i. N1i �, i.4 �r �t 'r�l `fAti'� ;�J A .. il.--�.1{�� ' �, I�w - !1 ,' i� i,,l - ',� •� -'1 1 �, :'•I a 7."'7>n%S%�xi Kr( i�� ,.tij C�.. .`�t.t �� ��,.1.�5:r� -•(L•J ! .;Jjr ij' .•''�..1` ,' ' ..! .• r.�{• ►''..1J r( `; ! 1;''r .r � t t, Y- t/1 t rr'. .._.. �Y �•+•_�_�:�Y f�� �.: ....---.• 3'�' ... t ,S rl'. .�i• r 1. �'1_...._....,rasnir_sr.•.r•eu>'YY�rr'�ifikia:.i�i •�•,W 1 • CITf OF HUNTINGTON BEACH OFFICE OF THE CITY CLERK ''2000 MAIN STREET, HUNTINGTON BEACHx CALI& 926443 NEGOT'i TION AGREEMENT HUNTXNGTQN BEACH' REGE'VELOPMENT AGENCY ("Agency") and A-M Company, a California Limitea Partnership,("A.M.") and Pacific Heritage, a Cali•tornii, Corporation, Dorothy `L. Terry, Ann`'Mase, Cary V. Mulligan, Stephen Fithian, Eldon W.'Bagstad, , Anna L. Baxter, Ahmad Gamed Abdelmuti, Elcanor J. Draper, Carl6s Costa aid Richard Schwas ''z (''Owner Participants") . ( Collectively Developer"), enter into this Agreement on the .terms and provisionj,,`iset forth below. RECITALS: I,. /j ,The Agency, is i',n the process of implementing the Main Pier FWdevelopment Plan for Main Pier Phase II. 2. The Agency, has col acited proposals . for `a certain portion of the Main pier Redevelopment Pro j,ec.t' ''Area : ( the "Project Area") located at the north east corner of_,Pacific Coast. Highttar and.-.Main Street, which portion is the ,..Site", as hereafter described. 3 ., Based .wirtly upon ita,,propo'sal as subiritted (the "proposal" ; �� whi cr:*. i'i3 at-.tachad hereto as Attachment No. 1 dnct.. incdz-porated ;ie'rein) , ( the "Developer"). has been designated ap;., the 'party with,which the,Agency will negotiate concerning the redevelopment of the Site • c: r 4. The panties hereto u6k.nowledge that;'the I economic sibilit of„ ro osed develcpmer Y y p n zt has rot: 3a ,been ,determin®d: to the satisfaction of either party aisd, i partic:�lar, the estion`'af--••rehabilitatin'g the retail shops on Main Streetl-or demoli shins an'd econstructing Game. THE "AGENCY AND THE DEl ' OPER 14EREBY AGREE AS E`OLLOWS ( Section 100) Negoti at ion . 1 �t A. (Section 101) Good Faith Negotiations. '1+ 1Tti'erheAencY e DeveloPerl.ag' ' the period at, fort,; 68lrow to negotiaf- `1 good. faith' to, prepare an OPA or s. disp6siti6n and . developriier.i.�."agreement to be'' entered into betw6en the 'Agency and, the' Developer•-, oncerning. the ",Site"., ; which• iey that curtain- properrty ire the Project. 'Area in, the: City of Hunti''gton Beach, shown gznezally on rthe :msp,: attaciied ,hereto as Attac hment: No;. 2, which;'is irc,drp�rated herefn:.; tti a :Agency agrees (for tl�e` o,apa t:bl�,perz'oi'�►t:'this )' A4r. andge®velo rmantna reemertcwith�ant otherrper'i'anaorenttttion o`:e�t y A (� P , req t► �� shall`no'twbeYldetetttiedato�nreveiat.�thev�loper., � The aiding;• the S fares irigj i +t ..l enc� f r` orn" furri,ishinq ',to`'. anyone'ptxblic!,redor`ds, per'taiW4� i to the 'Main , ii Pier::, The ;Developer furth6e,: acknowledges :;t at its rights'' under arc` dub ' act;', to„ t 1. 6 Agency ,'s , rules far 'ow er here p ; parti.cipatf an. Tha;�obl'igation,,toy: ne'gpt3�►te in :;nod faitYi ;r ` re' uiresthat Developer communicate` ,with .Age�-+:cy; with respect to , cotw:unicrti Zn, €ol�low� reano, abl'e negotiation . .rocedure ' in those., issues:, for .w2�ich agreement; has not, , een. reached such j P e :;:, includi• i9 M' a ltis�ga .te eep,hone can,4'e'rg atians;. ,,nd <<, 1 J ccrrespendence'; it is unaei� etc.od;,by t:_e parties that f"insil' sccozd on tiiaee ;ibis mr� nat be reached. . _ 1 ! , W. (Section 102) Required A4tnns j: ; • ;, i`.,.i`r' -`tfiirt. 3C da .a Y ) Y •1 p:! i,l ,• ,1, greaiih1t,.� Deve160 r.:shal�l .rubn�it� to, t2 a A94il. , �i _ 1:.; .� 1 ,�.- ------ - ----- - i y � ` • � ter . t . 1 '•per_ r 11 detailed narrative des6ription,';1 the ganeral scope of development p opo sad ( the "Development ,.Concept;") . The Development Concept shall includes (a) a detailed statement of land use/unit mix and preliminary site plans and elevations, and tenants from Whom signed letters of interest and/or participation have been obtained. ,(b) estimate of development costs and operating revenue, and equity requirement. (c) key assumptions as to economic lteasibilaty, such as development ',timing, and any com.�nitments ecpoc:ted from the Agency. (d) a detailed analysis,of'rehabilitation as contrasted to new construction. (a) the proposed rschedul;ing of the ro1pbsed development. 1. (f) the proposed source and mathod of financing. I.. (g) detailed biographical and backgrcund description'of,the Developer (and all principals in the proposed doveh;irnent entity), .;i'ncludin'g such matters as'', ( ) pr:td ;....,record with' respect to the. completion ;off,, pro j ec�,te, paz�ticula'ly thosa ^nf a tscale compe,rable ;to',that ''prcpoeed herein;. ;end (1'1) re'cord of: timely performance xeflectinr 'ininimal litiIgatian and or+dig utRs-^onc.ernrn the a 'en of vine P ., q " P ym V nturers; rortracto'rs, suppliers, or taxing 0 1.thorit es., Jt is,., understood 'that tiie Agency,%may take, appropriate st eps, to vai-Ify' such natters, end the Developer, agrees to cooperate'in furn_shi7g-such irfor.Mtibn to the Agency; (h) ,identity and and ted' financial statements ! for._ guzkrantors ( the- Developer ackhowl edgae that personal.;guarenfines ;(cr ay.:h'�.othiir' assurances. as the Agency', ma ; z3 ire ".shall be re fired vi�th res ect to'' y.. ,hk].igatione lot; the Developer'' in . the ,event the Developer, 'does -business in a corporate ,or partnership form);, / r i) . proposal':for site asaeml bly specifying the amount l.of Developer's funds ..vailable: for IF, Iacquisition• The Develo er acknowled ea that Agency P �3 func�w � may . not be `" avai l able for:'; ac ui si'tion and that a . advance of fundirkby the . Developer '�.to-. assemble the , Site ( including. acquisition of interests in property and all relocation assistance) will be raquir+ed. a duly executed written, agreement .,in ong the Urne,r Partioipants ;and she A'.kZ. sattiny for the' right's and obliggtions of 'e'ach party.lx T`h4yAe�{ricy shall ,review, tips '1�evlopcfierit CGztcep_ , and may- eilth �r epprolte it,.• request m6difi�atianes or` re j act it , ' -,"Ode tiisl3 velap7aetnt, Cozicept 1 a re j ected;,�, t r eh@ Agei1C}'shall provide a listr''a;�' defi.cienci""as to the ,Dev,elup�r �l acid 'if` thew; d*ficiinci'be are 'noti+correCted to `the sati'sfac' ti, h of'the'. ., 'Ag1'ancy w1thin• `2b' daye of .eu6h, ra jiction, this Agraaman shall au,tamati� s►lly" tsrini'nate unless it,;ie extended 'by the mutual;' Agroament of t ha,lAgency and Developer. 'The' De►vClopment 'oncept sl l be consi etent with the Prop veal Attac t: ' hmon '•1 . 1 I ) , : I r ',1 � 1 1,{ ' ,. ., ,•. .t'1{ .'I .:i, '"'{• •�-ilk ' • .. ~t ',. 3 :1 : , 1 \1 1 1' s I t t 0 't (2) If the Agency approves the Development Concept, -hen, on or b" fore May .19, 19864 the Agency and Developer shall enter into a memorandum of understanding describing the business terms,("MOU") around which a 1,D"L"Spo6ition and Development Agraement (DDA) would be -negotiated .with respect to the development (the "Development"). During this period, D®ve'loper shall nrepare,.and submit an architectural; concept of the proposed Development. If a MOU }laa not been entered into on or before: May 19, 1986, this Agreement shall be automatically.:terminated unless extended'by iilutual agreement of the Agency and Developer. When the MOU is signed, it phall supersede this Negotiation Agreement, except for the 'provisions of Section 103 hereof. (3) In the event that an MOU is approved by- the parti.eg on or before May 19, 1986 this Agreement shall terminate acid the MOU shall continue regarding the time from within" hick to negot:iLte and execute a Disposition and Development Agreement. ' C. (Section 103) Deposit. 'Developer aierewi'th submits to they •Agency as a dapI sit the' cash sum of twenty. five thousand: dol larR ($25, A00 ) in.the:form:af a cashiers or certified check payable to the Agency '1'+:?+ , "D,6pooitThe Agency, shall .haste no obligation to otarn interest on -she Deposit. Ariy' interest earned and remaining iipcn expi"ratlon or termination of this Agreement ,shall. _be allocated to the party entitled to such remaining .: portion of -the Deposit. ,l The 'Agency shall 'ire entitled. to, expend :any 6 :. nrtponpof . the De pelt (and any interest fearnthereon) , for : the`' uro�aoa of imp lementin t�ie-Ag t�eoment nc.ludiig; without limitation, payment of cot6t:e incurr©d. by the Ageny, for- staff t7,me; feasibiiity d,,:`1e'ga1 Ease' related to the 'ne"goti al:lien :and preparation: of a DDA (tkie "Agee}cy Coats") . The Agency:, iliill have no o:.3lid Ltion to, return or••, refund to tha• Developer any.:part of t'he: Deposi.t..ao expended. The Agency estimate's the following costs aszociated-with this''Agreement: Legal Fees;. $ L �S,OJ0.00 Staff $3.0,000.00 Land'Economi`st $10,000.00 ' The Deposit is additionally .made to., ensure that ` ;+ Develo er wiIY ne�otiate sn p , g good faith with • `the Agency. r• .When s A reemen.terminates or when the A ency and Developer p this g g Y -enter into. a DDA, then the Agency' shall:, retu_n. the De osit, lass tile Agency Costs,, unless the Developer• has not �nAgot•iated y hich event the Agency shall retain all. of - ' sin ooa`'faith, in'•w the Deposit not earlier expended. The • bepozit is additiona1ll ,made to, ensure that Developer will': negot,'ate in good, faith; with the Agency. Ifl the _o.Devel'oper has not.;negoti;,i�ed in good+, faith, the Agency. shall , retain: all of - the Depos,`t;. as `'liquidated `damages',Z-or Developer' Q breaich hereunder.' T ' Th":111 siitfes aq ,ee1j; that f n' the event: ' th 6 `' 11 1:upon•„ -, Y' eveloper, thagAencwill ,+eujsta3n damagee,nclud�t thase�►ttendarit upon Agency - 1gg r< p ' s of redevellopm`nt of the-B �;. i tt . • • The P. P. the • oet • onem�ant or,� � loss, , : ,1 ., •, parti�aas ; agree that it would �;?�e" impracticA-1..,:fir ei tiiimriy difficult` to fix awtua damages in ;such a ►ent; ahat;the Dipoait i e a,,., r�aesorai►rile ,iitimato' of thfi dama+�e ' a :that would be' auetaine3 :'the Al Inc ire: such :event, ,end that m , in such Y . , q Y he Agen t: cy may r• event return this Deposlt, as' liquidataa daima►gea. V, J7 V� oar, It1i�a �' �,I l', ,~ Aye i y ] ni.tia: Here { 73460/746 /09 1 In the event the foregoing liquidated damage provision is deemed unenforceable, the Ageiicy shall be entitled to such -1= datages as may be shown to toe availa:�te at Yaw. II. (Section 200) Rental, Purchase Price and/or Other Conoideration. -Thar rental, purchase price and/or other consideration to, be paid by the Developer under the DDA will be established between the parties during negotiations. Such rental, purchase price and/or other consideration will be based -upon such �r :.factors as market conditions, density of development, costa of development, risks of -.Developer, estimated or actual Developer profit, estimated or victual sales .prices and/or rentals, public purpose, and/or fair value for thei`uaea permitted tc be developed.' III. (Section 300) Mi.scollaneous. A. (Section 301) De-ieloper's Findings, Determinations Studies and Reports. From time to time as requested by the::- ncy, Developer;. agrees "to make weekly oral progress reports. and month-. y : written ' �eports to the Executive Director of the Agency atd-rising theAgeiLcy en all matters and,,all studies being made. If the'negotations do not result in a-DDA, Developer will, submitl tri the Agency.. Developer ',,A findings and determinations regarding thr)-propos6d development.,aid copies of all studies, ,,and reaporteg„ made by Deve oper specifically for, his proposed _.Development, to the, .extent ns;t.' r;ontaiiaing conf�.dential, ! nfurmation; proviaced, however, that all such% fir' hgs, determnstiurs sttidie:s,i and reports, will be furnished without Y g Y g , ' warrant off an kind, and A enc �a rasa to hold D►�veloper.,:; h'aimless With 'icespesct to any use by "'Agency of sticr . information. B. -( Section 3G2) Stsite Environmental. Quality Act . ; The Aqf�' ; V1 may require the, Developer to supply data and inforinatiozi, ! he itiipact of ,the • ' ' "both to�-determine t ' d vel6pment on.the en�Aironmert and to assist in the ,pieparhtion of an t�neacessar environmental im act reports or 'Z;upplemonts to the environmental impact reports. C. ,(Section 203) Termination. In -add' ti'on to its right: to terminate, thia , Agree m'on,t forthwith: An the event "the, De'eloper fails - to ' . , take any�adtion reeA,noap�Agreement by,:the, time specified iliereir.,.,,the.,Ageiicy. shall, at` -its, option terminate this Agreement 'in the eve_it,.'it ' determi;ies that the Developer, is failingto` proceed 'in ood faith to diadharge its obl gs►tons under;, thi a Agreement; p=ovirled thatprier` 'to f.. terminating this, Agreement; ;on grounds _that the, Developer : i s not ' ro6ifidin in ood;;faith, the Age:nc shall rovider,'notice;' to �• te:n P .. ti P Q` Q Y , r the Develo �r off, its in p tio:� to ter (znat ride shall Provide eio er _with a,,reasonablQ',time of ne a P , tha`Dev. ofaless than ten (10) f da" Yn .arid ,not, more than twenty (20) days) to cure `such failure. P i� 9 Y Y. .Upon erx i'rat on of such cure eriod, the ,A enc may terminate thi�x' . Agreement r 1. ,, Then Deve open may t m3nate' thi.e agreement by =ng tens �'10) days:' writiten notice to the ,'Agency(= i.n sucht; the uisexpende3sportion portion-of,the: Depos i. 4hall be retained , if, ahe genc�r reasbnabl' determinea thht! the3 Develc�per'`-has not nagoti,ted iri good faith; and sha111 aherwiee romptly ke'r , •, '" , it /,; ' '� „ � ,. t' ,. •i t `. II ,', �� I 1 Is ' .:. 1� 11 tali r,:���ti� r>: .1. !'I,' -ti` 1, ,��i'(,: ir' t, 1, i, ��� >;••' ' i:` 1. I (1 �� fl i '1•,r �, tr ,' ,; •, J 1, ... Ir{ This Agreement shall automatically terminate on may 19.i 1986, unless sooner terminated. w. (Section 305) Assignment. ,This Agreement shall not be assigned by tha Developer• without prior written approval of the Agency, which the Rgency shall grant or re=use 6t its sole discretion. ,IV. (Section 400) Specinl Provisions. A. (Section 401) Redevelopment Project Financing. The financing of the Redevelopment Project is being'snd will be accomplished primarily by means of property tax increment by developments which;produce an increase in property tax assea63d valuations. In addition, with th© mutuiil agreement 'of`,t'-%e Agency rind the Developer, other methods of Agency inahci,,,;, may be used and shall be set forth in any DDA. Both, i;;gency and ,Developer; recognize that the terms of the Agreement, including the relative financial and other contributions of the parties, have not yet been determined. B. (Section 402) Agency Assistance and Cooperation. The Agency shall -cooperate fully in providing Developer with. appropriate information and asasistanca.; ., provided that the Agency shall not be obligated tc incur costa therefor. C. (Section 03) Agency Fublic Hearing. 4 y into hereunder. shall be Bubjeot . , An DDF.� ..ntered �o the requirement.that any proposed disposition and sale of ,.land, .hall rioi!be authorized until 'it' has been -considered and ,approved. by .tne Agency and City''Council after public hearing as required by' l."r . D'. • (Section ,•404) Real (_state ,Commissions. commY®sioT or ; brnc ' shall not b' liable £or ' an real 'estate : Thee A e y � , Y :, 9 y i _ brokerage fees which , ir.sy ari sae thwrefrom. The '. A enc re resents '_that it has i• engaged no brokeir, &gent or finder in, cciu�e'ction with this - transaction, and the Deuelopd�., agrees t:':hold the Agency hat-mless from any 'aIaim by any .0 brokker, agent or -finder retained ' by' the Developer. E. (Section 405) Press Releases. The-:Developeri^%,grees to discuss:,.aay press releases ,with a designated ,agency 'reprezentative prior to disc:,". sure in i,order' to assure accuracy `and consistency of , the J information. E. (Section 406) Nonditcriminaton ` With respect .to De%vblopRr' s obligations and ?performance e De'vel'ope r, �shaiil not discriminate, in any 'matter onrth �basaiss of rVAc.�; creed, coldr,, religrian, gender,' mar+tal' statue; national-6rigin ;,or ancestry. < •)(Section"407).' Notice.' ,. .'All notice g ;(1iv'en. or required 't6 be given hereunder 9ha11 1Se in, writing and 'address3ed to the az ties ass aid,,,ureuant ,. or Ito Bauch other address,'as ma be null ga 'under`.' aety`out -below p to,.th1.a paragraph. Any such.,hotide sh �cdhei.dered"'servi;d I when actua11y`',received key the -,'party intended t . 1: f whether personally se.ved or sent postagit prepaid by registered ar certified mail, return receipt requested. Agency: Executive Director ('sty of Huntington Beach Redevelopment -Agency 2000 Main Street Huntington Aeach, CA 9264E DevelopPx-: A-M Company, A California Limited Partnership 125 East -Victoria Street Santa Barbara, CA 93101 H. ($ectior. 408) Other Agreements This Agreement supersedes 'any ;.previous agreement entered into between the Developer and:the Agency with respect to the Site. .;. ill (Section 409) Warranty of Sigr.ator. Tie o.this. Agreemenrepre st en'.�;�ind fi wa;; zant th�t!;Yeythis have tk�e �iuthori ty to cx$cute :� thi a Agreement on hshalf Qf t 'C •grs:�ciple they purport' to repxeae�nt. -- 1J86 DI.7 LOPER I. -A MI.COMPANY, A -California. 4 ,� - Limited Partnersh3' • l• Datekow♦Sy �L.. ..... „I ii - ice President .. /1 I it r I i • , liy7! ir! 11 '7 + :1 -- ,1 ly - 'I II .�} 1 •1 �00/09 1.a1 1 ' y1 ,;_ ai �.' I . I ' I' , .i .... • t tN CERTIFICATE Or RESOLUTION Sohn P- Cempainella hereby certifies: 1. He is the duls-' appointed and acting Secretary of 4ra<u jo, Nuench ri -CompanyCal ifo=iia---oorporati6n;-•- 2. Ong May 30, 1986, the ' following reso' lution' wars; adopted by, the Board of Directors of si id corporation at a special meeting of said Board. WSAS, this,,Corporation is the General' Partner of ' A=M Company, a limited partnership, , and Y,asa full and complste atithority to pur6h, s'e and dispose of real property in the.. name and on. behalf of the partnership; and •" WHEREAC,, it ass in thebest intQrQsts of this corporation, and said 'partnership nto aequire, develop and se1.1 the,, real propearty described ir, this resolution. RES4LpRP, that this action 'of Daniel A „ Smlcedi: Vice .. t President of Aranja; MUSnch ,Ca. , Inc. actiszg; alone - in executir g; any and .all ' agro ments and loam dridaments bet4een ;Bunting ton - Bnach Radpvelo;cint Agency, A X p Y. .. ea partnership Wid Pacific Heritage, b' �i lifor ' corpo a California iami.t Suntin tan beach Main plez� . rstf on relati's�g , to .the:.:; • ; g Phasi e 2 property , on.; .behalf of A-M Company ishereby confirmed, rat' f i.ed and approved..' DATED: Mary 30,1, 2.986 , hn P. CampanellarAgecretary r' ZPCam ' ci. A E C E IV 11E a UN0V ti f '' ��_�__..__ ._ ,_ '•1', ._ , ...., try:_ `< c.!'. ; ,..:• �r Date Date Date Date Date i OWNER PARTICIPANTS Dorothy L. Terry Ann Maae � , Gary V. Mulligan Stephen Fithian Eldon W, Bag*t , ' . .4110 `, , OWNER PARTICIPANTS Dorothy L . Terry Date -- Ann Mase Date J Gary V. Mulligan Date Stephen Fithian Date Eldon W Bagstad Date - 'Ai,.na L. Baxter OWNER PARTICIPANTS a' to Do thy L. Terry I Date� � An Mase Date �,- Gary V. Mulligan Dat@ Stephen Fithian Da': v s• Eldon W. Bagstad Date Anna L. Baxter Date Ahmad Hamed ekbdelmuti Date t 1 Eleanor J. Draper Date i' Carl, �sta = Dena j t 'Ric ard-;,,Schwartz . :PACIFIC HERITAGE,..' A California, Corporate , By -,I t 1 By. t$' I_ HUNTINGTON BEACH' REDEVELOPMENT AGENCY 7' 'Chairman' 'r ( ..1 ' •/, 1'It ,Attest':,,1 ,f. 1 ''t ' 1 1.1 ��`• .I 4er .�,' 1 )�i ' `Ir,l � ', .1 it � ti � �� 1 r l r t 'r �. �' �•�� 1. �, 16 t i f � 1� �'• t -r( ,1 1 i�.'f 1 1 ; 1' :1 /1' /, 1 T �',',1i ,���r�,�/�,• �6��0� 4t �'• .t r � '1 �/ � '�� r/l � 1 ! l - ' b Date L Date Date t Date Date Date Date Date OWNER PARTICIPANTS Dorothyf L. Terry, Ann Mass Gary V. Yiul.ligan Stephen Fithian Eldon W. Bayatad tj Anna L. Baxter Ahmad Hamed Abdelsnu i Eleanor J�; Draper Carlos Cunt Rieha+d- Srrwartr PACIFIC HrR?TAGE, A California Corporation Ply : -�•-.r-�� By: Its H(t'NTINGTON BEACH REDEVELOPMENT AGENCY Chairman • 1 J Date Date Data DRte il �b1t43 OWNER PAR`rICIPAhTS Dorothy L. Terry Ann Mase Gary V. Mulligan Stephen Fi tii i an Eldon W. Bagatad Anna L. Baxter Ahmad named Abdelmut; PACIFIC HERITAGE, A California Corporation By: I �s _ By. HUNTINGTON BEACH REDEVELOPMENT AGENCY Chairman r,. - f J APFRUVED AS TO EU IIITIATED AND I-.PPROVrD TO CONTENT Agency Speci unsel D&9'1�t City Administrator/Redevelopment REVIEWED AND APPROVED APPROVED: AS,TO FORM: City Attorney City Administrator/Ex4futive Director r Agency Attorney { i r •{ a ,' i74.6 , •1 APPROVED AS TO F^OitM: Y TIAT AND APPROVED.,IrS T CONTENT l Agency Special Co el Depu City Adminis rator/Redeve].opmmnt REVIkWED AND APPROVED APPROVED: A S ' TO FORM oat Zb L%.— City Attorney C..ty Administrator/Exec tive Director 00 Agency Attorney m 4; Date Date Date 1 Date a - ^J 7 Date: �'� Date ` Data Date Date Date OWNER PARTICIPANTS Dorothy L. 'terry w Ann ri a s e Gary V. M<<llig'an Stephen Fithian -t-7 "-"ht) J4. Eldon Nl. Bagstad Arina L. Baxter Ahmad Hamed Abdelmuti Eleanor J. Draper %.ab i.V►7 0 PACIFIC HERITAGE, A California Corporation By: OC It$ .. By Its HUNTINGTON BEACH REDEVELOPMENT AGENCY P OWNER PARTICIPANTS Date Dorothy L. Terry Data _ ..._ Ann Mace '^ Date Gury�V. l �n Date ' Stephen Fithian Date. Eldon W. Bagstad Date Anna L. Baxter Date_ P-hmad Hamel Abde lmut'_ Date -- Eleanor Eleanor J. Draper Date ._ Data Car? os Costct--V; R.. PACIFIC HERITAGE, A California Corporat -&# % /) J By:, .—,,,/ (rk."- 4,0' r� By; Its ArPnOVED AS TO FORM: I T I AT D AND APPROVED AS TO CONTENT C, Agency Special nouns Deep t City Administrator/Redevelopment REVIEWED'AND APPROVED APPROVED: AS TO FORM .04 City+ Attorney City Administratar,'E .cutive Director r L Agency Attorney d J T y� - • �' - �� .. • 1 i ti apt t l . 1 1 .t •�Iw. �,, f + 1 f:T1 •,� •'xTT .•/ f a+. 7, i'. �i '• «H :1�/ !.. ` Ara %^N ,: r v • EQUITIES y 1. March 17, 1986 REDEVELOPMENT AGENCY CITY OF HUNTINGT.ON BEACH - 2000 Main Street Huntington Beach, CA 92648 • RE: Main -Pacific Property Owners Pro pos tl, Dear Redevelopmiunt Agency Members: Thank you for allowing us the opportunity to present and explain our development cor:cept`to you an.d the public. We. appreciated your questions and concerns. Our request,is simply that weibe given the opportunity to establish an acceptable plan in coopera on with one another and the Redevelopment Agency.. , After viewing all the proposals, we feel even more corifident that t our, plan and ap roach is the 'most appropriate and equitable for .the site and s' tuation. We own the property, we have an experienced development team, and we ' are conunitted and compelled to work together toward a common goal. We , would like '`to highlight our proposal as follows >� 1. A united affort amongst property owners to present an economically viable ,development plan. /x. 2. Uni ud ; q lyr the Agency cans >>irtuai iy satisfy.. the letter• A:,D apiri.t of Redevelopment, L.aw by choosing local property owners to plan and improve_ their properties. a'. No -;tither proposal can cainmence as, quickly, and now that interest rates t_arc. dropping, we can take advantage of this short, window. in the -marketplace. I, rri.. ; •', 11�'► /lii :��. 1 `y + ,.I�+�.w i 14:,i. ,,* ia. ',-., . ••. :,. .,1 . 16 j s '�L: ,�(�'? i,,�r ,✓may♦�,+~ \ ..�•�". 'i►�^'M'• �16' ,� ; �T�?�}a r, \ s"ter .,,�� •f. , q, : � r' � �;; � �- rZ M•• • Page 2 r4. We are amenable and responsive to the.City and community r desires. For example, our cooperative plan reflects the architectural style called for.in"the Downtown Specific Plan and our development will be coordinated with the design 1 and,,treatment of the adjacent projects: in addition, we ' have 'redu::ed the intensity of the proposad residential component significantly in response to Agency comments and concerns and will explore other modifications and alternatives through the negotiating period to assure that the entire project becomes a source of great civic pride. f 5. A--M Equities is a highly exp. rienced and financially sound development company. In 1985, A-M gleveloped. over $55,OD0, 00.9 of luxury apartments. Our partnerships include such estzbl.i'shed companies as Weyerhaeuser, Citibank, F0. rsuhishi., Gii.ardian ' Savings and Loan, Bank of -America, and Firgt -interstate Bank. Any of which will L,rovide ready references. our. development �xperi�.nce in local jurisdictions include Santa Ana, Ventura, Garden Grove, Laguna Beach, Cousity of orange, Simi Valley, An Orange, Brea,,Lake Elsinore, Irvine, Santa Fe Sorings, Downey and Covina. Specific people in arty of those municipalities can be contacted, 6. Because of the reduced ovarall acquisition cost which results from the Main Street Property Owner participation, our .,project can suppgrt a higher per fact land value for the balance of the site. This fact greatly enhances our ability to acquire,the necessary remaining parcels at a fair negotiated price rather than compel condemnation which is b6,th lengthy and costly, which is mandatory for the other proposals, 7. The Main StA eet Property Owners have agreed to formalize their organization and,will appoint one representative to work through A--M • Equities in order to assume proper coordinations and communications between all parties involved. A-M Equities will be ,the sole signator for implementing ► any agreement with tiie Agency ta.. plan for and develop the \ site. A-M Equities will contract with the Main,Street Property Owners to carry out that portion of the project. _.._ q y and safeguards will be assured integrity ' 8. -Architectural . rit• ,..: by recorded Covenants,.,Conditions and Restrictions with prior approval by the City Attorney and Planning Director. `; �-` • 9., Prier to, building permits 'rmits ...being issued, the developer will provide 160% lien Free completion bonds. 11AITUM A11DI INGIUBQNOR 1f11TwrAv SEAM, CIL , \ ? _ � �'llttt� (�i•[ail A�CI� 11�E ds4 @liis , . � �� 1 l oubm Cm" WiMPE-, s IUM Land Fm Lad Cols FiNOW We of YMVAa cWarwilanuctod:pf t K"Icu .. 1„_' was � ., wla Asa hash} k a Mh Ft 9 /ilk Ft 9154 FI f 11dlt Wit Fobs kgalsillm first 1w • : Toe* loose soI *1 Ts : ,�, I { &A T1 A i ? ki . - -E mjwr m r! m s aa.r x,rr? a5a1e $37.06 Lana of UMI took K t - ._ I Calmar --- - - .. _ . _ . •,. �: - - i ifl A IOC t MDJWM 10 Yt C"M FLOO 1: IMtatile Tail's It I I TOM. Took !ns ugh 1r" on Awdl It AV" I &WAI Ant IFcmws_ Lft � �: ; _ . ' .: •_ i Otdw !um ii,aiel I i311iTT 3 } ' ��i T _ ter t>• ST! 2l,ilS a>3 1t.S! SWl.I1S I Vaiaw y 3.0 l •.•---.�..1 • , ^ �� '4«: r1 >,fr 8ws 771 » il,tlQ 70o /t.P.1 Ia2,iSc 1 tltecaes il.9s I 'Ql� iL11E.3Q I `' ar Cis 110M 363 t1400d lift *LPa 1171,00 Lao tuts a.aod t .•••m�amt•mt . an i Alr as 1.3m 20 ]a No Im 11.10 *3] = ; I LM ;1 r . LioLRI,t A wE I 3k= 1LI" W.M slan ac t LM UP ._ t" SKI11 3t.E^00 t F � _ - t I 5a!: %o6ltlU islr,ow I t := Start of Loasffy 12 t! Ibrl! Other I Tera of Lease sp 1 ror"s 1 174e►ts1 I y' i Ids 1dsss 30 *A Ss - I lets LsmW per m.;Z M W1tf I IMFL i '• ; -•'' t Ialarest lesim 0. 4 •- •' _ — -- -- I fivvays k--154 Ft I I ,r1 - 61. dr %ul Owl' "1 tl] 267,173 11ia *L>ti i01,3T: i 1 • E -. imal -Seal 34"1 t 24010 t^M 7Z.33 les,2% 1 t FIi1 ICI@G - 1x1N5Txmtod !s: F1114C1Nti - IWTIMMI Rd 1d I �t�1�411arwi A.omtt dr..coa,ttoa r�r:� e I - - ;1 Pr*)Ktal Costs I Tars is Tars . I - is ' 1 kalcelallcma Iaad oaf IbwtA I T•o!etsrFess 2.Ot Pat -As QMI _ 1 : t f emit * s ISs ft Cammemt■ item Costs Distwrsad fore 1 1n►srgst Rate Ia.231 Iatarrsat We aU: _ 1011011 ban I Interest lc.-9me Lr.. Amor►last c" A 1 `. um 1, su sx i;.P Moo K,300,a0a I ! t F SOP *6 f !' 1 1trililA I7t,lil7 47.E1 93.4" s17,l7i,Ca0 i t3 f 1 - :� ¢.`.,1 �ls• tfeeit tl, 3i 2.1t 64.Sg 1t, i!d0,00a 1 4 1 Ps1 1st ID PElIlE1EIlI 2K Tt - ! • _ _ - ` ! E Ats*lhetei+�l 617.[73 11.1% EISAI 14,IL@,OW 3 a • 4 Ci •' : 6s t1as� " - lt,0�li aT l:.t! t306,00Q b 5 Aaount 17,cm, me, t 51 3 ;,;fit. t .. I fora Ia Isrz 01 �a Total f32,L%,Q Q I Wall tar JointO GCA1i 1 � lAsilr�el3 DOW lnt"I sets 10.01 lrtorest NOW 0 i i• -. -_ - $n..tt�! ►.e� '-t+S73 ass 1246,000 1 i? l I1.wrtiri�ttas 3G 1t'olttsNloa 7 ! = �'4►`•� • f "tom," i�1/N0ewaAlef *164 aft 4100,00 1 - 3 1 Filxie/ pAr-M FoAded >esT-iA I ; iiwliNr Qwelret t2,'+r� 5.59 "35,009 1 15 1 1 , x1 •". _ 110do e'.lt+ylsea►IR 144M aly smwt< I a 1 lksssssaocs! afstriet !<eftna�o 1 1"18-1NO s%X4. L71 Sir M,00a I 3 Lm bass 10.IR 14% *1,4a6.vh 1 1 1 Am mt :o Year a Isit�erc� 7 I •,• `- .. , 1' :' "• Cs.Ilwrssep ,1t.S16 IA 3423,000 i 12 1 Tars t Fvemt d :! r` iswssllparaaw *1,6A 1.a3 *450,00,'. 4 1 I Went fats Uft hisrest safe Litt _ folasit Awerwt 711 Ln t73Q.a1►3 16 S 1 Amortisollon :S %orthati n 61 �1k.:- -,>«, �•_ f M1AlIlIIE f1,4� a.n 110ClQOQ ;i 13 i `ende4 fsp-ib � _ 1 - •',"• - . �;'t r ;� ltii/�Faa t%91i i.3t 1+535,[WG I 16 ice* - e..�n..s _ •-. - - _ _ j 1 ." lwlarert 613' js L;A 0 7"291 I Elul" 1011*2 I*PJIpIYA hsferrd Worm !0.50: 1 19Ma00t? loft Teml 110,4.41,291 t htlt7 1 drar"7 f1w- !,LOX i GNU Floe WAN ,; ir, r 1 f . I A Page 3 • Lastly, it is a raro'circumstance when a situat--'ai is Presented that allows for a "win -win" solution.' That clearly is the case with our proprizAl. The Agency will gave concrete evidence of our 100% ability to perform; the existing property owners will benefit, as,ihey should, by the new developments; and from a pure ,cost -bane ' fit analysis, our project is the least burden to the Agency and satisfying the most elements of redevelopment. goals. Thank you again for your consideration of our proposal... S.Incerely, �, Y t , ; i Daniel A. Salceda JeBerman Aff, M. qd ,Pre5idant Att 1pey at Law A-M Equities Rut n & Tucker DAS: psw k' I IL 4re l K• iYMAUtW . I. ,,�A Th AM few am g.."� 11 • lilt sly r V-3 4- I ciii Work %WP art jo 14 1Z le I ly If- �0 - Q Au, do 111A r-M